license info:
NMLS #2115476
Residential and Commercial Real Estate Financing $50,000.00 to $10,000,000.00+ Mission San Jose Mortgage is a mortgage banking company direct lender in Washington State. In house pre approval letters and loan commitments are available for qualified clients. In addition to the availability of government, conventional and other loans, real estate financing options include: Private Money Private money loans, also known as hard money loans, are a financing option for real estate investors or individuals who may not qualify for traditional bank loans. These loans are funded by private individuals or companies, offering more flexibility but often at a higher cost. Key Characteristics: Private Lenders: Financed by wealthy individuals or private investment firms, not banks or traditional lending institutions. Focus on Real Estate: Primarily used for financing real estate transactions, including property purchases, renovations, or short-term ventures (flips). Faster Closing Times: Private money lenders often have less stringent approval processes compared to banks, leading to faster closing times. Flexible Qualification Requirements: Qualifying for a private money loan may be easier than a traditional loan, with less emphasis on credit score and more focus on the property's potential and exit strategy (how you plan to repay the loan). Higher Interest Rates: Private money loans typically come with higher interest rates than conventional loans due to the perceived higher risk for the lender. Loan-to-Value Ratio (LTV) Limits: Private lenders may have stricter or more flexible LTV limits compared to banks. (LTV compares the loan amount to the property value). Points and Fees: Be prepared for additional fees associated with private money loans, such as origination points, processing fees, and prepayment penalties. Benefits: Faster Funding: Ideal for situations requiring quick access to capital, with faster closing times compared to traditional loans. Flexible Qualification: Can be an option for borrowers who may not qualify for a traditional loan due to credit score or income limitations. Focus on Project Potential: Lenders may be more interested in the property's potential and exit strategy than solely relying on the borrower's credit history. Considerations: Higher Costs: Expect higher interest rates, points, and fees compared to conventional loans. Shorter Loan Terms: Private money loans often have shorter loan terms than traditional mortgages. Less Regulation: Private money loans are subject to less regulation compared to traditional loans, so carefully review the loan terms and conditions. Due Diligence: It's crucial to perform thorough due diligence on the private lender to ensure their reputation and legitimacy. richard.p@msjmortgage.com (253) 357-0931 Available 24/7 For assistance or inquiries please email, text or call me. If I'm on the phone or away from my desk please send a text or leave a voice mail. Thank You, Richard D. Priest, Jr. Mortgage Loan Officer NMLS #2115476 post id: 3420814494
