First mortgage lien only

Loans up to 70% of ARV

Loans from $25,000 to $20,000,000

Multifamily properties will be considered

Appraisal required on all properties (borrower is responsible for payment)

Mortgagee title policy required at closing

Builder’s risk policy naming Paces Funding mortgagee as additional loss payee required at closing

Closing attorney selected by Paces Funding

Rates start at 10% per annum, interest only, depending upon collateral and loan structure.

Up to 70% LTV of ARV

Origination fee as low as 3% of loan

Customary closing costs and fees paid by borrower

Appraisal by Paces Funding approved appraiser

Interest due on the first of each month

Extension fees beyond original term may apply

Maximum 12 month term

Completed borrower application

There is no credit score requirement

Executed contract for purchase and detailed construction budget from contractor

Adequate financial reserves to cover expenses of closing and continued borrowing

Acceptable exit strategy to retire loan

Borrower contributes at least 10% of cost at closing