| 1. |
What is a "hard money" loan? Answer |
| 2. |
What is the ARV? Answer |
| 3. |
What are your minimum qualifications for a loan? Answer |
| 4. |
What type of properties will you lend on? Answer |
| 5. |
How do you decide how much to loan? Answer |
| 6. |
Where do you loan? Answer |
| 7. |
What is your maximum Loan to Value Ratio (LTV)? Answer |
| 8. |
What is the interest rate? Answer |
| 9. |
How long is the loan for? Answer |
| 10. |
How long does it take to close a loan with Fort Brooke? Answer |
| 11. |
Do you require a survey? Answer |
| 12. |
How much will my payments be?
Answer |
| 13. |
Do you allow interest to be deferred to the end of the loan?
Answer |
| 14. |
How do I make my loan payments?
Answer |
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Q
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What is a "hard money" loan? |
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A
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The term “hard money” doesn’t mean this money is difficult to obtain. “Hard money” is a term that has been used to describe a loan made on the raw equity of a particular property. Instead of lending on the lower of the appraised value or selling price, Hard Money Lenders lend a percentage of the "After Repaired Value" of the property. “Hard money” has stricter terms and a clearly defined repayment schedule.
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Q
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What is the ARV? |
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A
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The ARV is an acronym for After Repair Value. This describes the value of a property once the proposed repairs have been completed. Appraisers do a "Subject To" appraisal based on the repair estimate of a property to base the After Repair Value. |
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Q
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What are your minimum qualifications for a loan? |
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A
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We require a middle credit score of 650 and the absence of collections, charge-offs, bankruptcies, and foreclosures. |
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Q
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What type of properties will you lend on? |
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A
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We primarily lend on Commercial and Single Family investment type properties. |
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Q
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How do you decide how much to loan? |
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A
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We will fund 65% to 80% of your purchase price depending on the loan size and type. |
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Q
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Where do you loan? |
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A
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Currently we loan in the Tampa Bay Region of Florida. Tampa Bay counties consist of Hillsborough, Pinellas, Pasco, Manatee, Sarasota, Polk, Citrus and Hernando. |
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Q
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What is your maximum Loan to Value Ratio (LTV)? |
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A
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Depending on the quality of the deal we will loan 65% to 80% of the "as is value". |
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Q
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What is the interest rate? |
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A
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The annual rate of interest ranges from 16.5% to 18% interest only, payable monthly. Currently we have the following programs:
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Q
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How long is the loan for? |
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A
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We write the notes for 12 to 24 months with a 3 month extension available at an additional cost. |
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Q
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How long does it take to close a loan with Fort Brooke? |
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A
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Fort Brooke is the fastest closing lender in the industry. It takes our staff an average of one working day to process your loan. However, title searches and appraisals are variables we have little control over, but on average it is taking about three to five days from the day we receive your contract to close the loan.
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Q
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Do you require a survey? |
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A
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Yes, the title company will not fully insure the loan without one. |
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Q
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How much will my payments be?
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A
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To figure your monthly payment simply multiply the interest rate by the total loan amount and divide that number by 12. The payment for a $60,000 loan at a rate of 18% would be $750 (60,000 x 18% divided by 12 = $900).
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Q
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Do you allow interest to be deferred to the end of the loan?
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A
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No. Our programs have interest payable monthly.
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Q
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How do I make my loan payments?
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A
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After the closing of your loan you will receive monthly invoices for the interest payment. You may mail the invoice with your check to:
Fort Brooke Investment, LLC
112 S. Glen Avenue
Tampa, FL 33609 |
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