Details - Loan Criteria

Appraisal:

  • Not Required In Most Cases
     

Borrower Cash Investment:

  • Not Required
  • Case-by-case
  • $0 Money Down is Typical Scenario
     

Borrower Credit:

  • Credit Report Required on First Transaction
  • Credit Scores and History Are Not Underwriting Factors Unless They Affect 1st Lien Security
     

Borrower Reserves:

  • Not Required
     

Broker Compensation:

  • Mortgage Money Inc. Cooperates with Brokers
     

Construction Escrow Draw:

  • Available to Vendors at Closing
  • $125 / Draw
     

Funding Fee:

  • 2 - 8% of Loan Amount
  • May Finance
     

Interest Rates:

  • 5 - 15%
     

Lending Area:

  • Colorado
     

Lien:

  • 1st Position
  • 2nd Position on Exception Basis
     

Loan Amount:

  • $50,000 - $250,000
  • Higher Amounts Available on Exception Basis
     

Loan Term:

  • 30 - 180 Days

Non-Recourse:

  • Available on Exception Basis
     

Occupancy:

  • Non-owner Occupied Only
     

Payment Amortization:

  • Interest Only
  • May Finance
     

Payment Structure:

  • No Monthly Payment Required
     

Prepayment Penalty:

  • None
     

Property Types Eligible For Financing:

  • Single-Family Residential
  • 2-4 Unit Multi-Family Residential
  • Townhome / Condo
  • Small Retail Commercial


Property Types Ineligible For Financing:

  • Manufactured homes built prior to 1980.
  • Manufactured homes not attached to permanent foundation.
     

Real Estate Development Experience:

  • Not Required with Approved Contractor
     

Term Extension:

  • Available With Fee
     

Time Frame to Close:

  • 24 - 48 Business Hours Following Receipt of Required Documents
     

Underwriting Fee:

  • $275
  • May Finance
     

Volume Incentives:

  • Available for Repeat Customers
     

Yield Spread:

  • 5 - 50%