Phone: 201-836-7300 Ext 101
Address: 319 Queen Anne Road Teaneck, NJ 07666
States They Lend In: Florida and New Jersey
PURCHASE, CONSTRUCTION & RENOVATION LOANS
An investor/rehabber can use a private loan as a lending tool for financing when he/she only plans on holding the investment property until the construction or rehab work has been completed and the property goes to sale. A construction loan will typically be disbursed in increments as a borrower needs funds to complete construction of the property. Once a property has been constructed and/or renovated and sold for a profit, the loan with the private lender is paid off in full. The typical maximum loan-to-value allowed on a subject property is 70% with disbursements made to a borrower pursuant to the terms and conditions of a construction holdback agreement signed at closing.
LOAN SIZE & TERMS
- $75,000 to $750,000
- for 6-12 months.
- NONE- Peak Proprietary Program - Project
- Management Fees 3-5% of Renovation Cost
- 12-15% per annum with
- NO prepayment penalties!
PREQUIRED FOR ACCEPTANCE:
➤ Submission Package Submitted and Approved
➤ Contract of Sale and or Assignment Clear Title after Acceptance
➤ Liability and Hazard Insurance at Closing
➤ Draw Schedule Completed
➤ Ferrous Metal Scan (Under Ground Tank Sweep)
➤ Flood Search and Map
New Jersey Counties: Bergen, Essex, Hudson, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Sommerset, Union
Florida: South East Coast Counties: Martin, Palm Beach, Port St. Lucie
- Non-owner occupied residential; commercial; all income producing properties; rehab properties; ground-up construction.
LOAN TO VALUE
➤ Property Acquisitions and Rehab – Up to 70% Peak Proprietary Program up to 100%
➤ Cash-out Refinances -On Non Owner Occupied or Vacant Investment Properties to 65%
➤ Commitment/Origination Fee: A Commitment/Origination Fee of 3-5% of the total loan amount, due and payable at closing,
COMMITMENT / ANALYSIS FEE DEPOSIT
Upon the Free Initial Analysis and Acceptance of Borrowers Submission Package: $150.00 Pro Analysis Fee to cover Lender’s up front due diligence fees and costs to further verify Borrowers Analysis. If Analysis is as stated in Submission Package, Analysis Deposit will be applied to loan cost. Our Analysis process is valuable to the success of the project.
- Inspection/appraisal, internal review, title report – satisfactory in all respects to the Lender
- 1st Mortgage Position Only – No Second Mortgages Permitted Or Peak Proprietary Program Regulations Apply
- When applicable a broker fee will be included in the Loan
TURN AROUND TIME TO CLOSE:
- 10-14 days from receipt of approved Submission Package and Clear Title
What are your lending limits?
$75,000 – $1,000,000
Do you do 100% financing?
Yes, with our training and approved program.
What value do you use?
Our loans are based up to a 70% loan to value depending on certain criteria of the project.
What Type Properties Do You Lend On?
Our main focus is on single and multi-family residential properties consisting of 2-4 family houses.
Will Peak Lend on an Investment Property I Want to Buy and Re-Finance at a Later Date?
No. We do not offer any type of refinancing on an investment property.
Are there any properties you do not lend on?
Leaking Underground Oil Tanks – Cracked or Sagging Foundations, Fire Damaged, Any Structural Damage, Flood Zone Areas, Next to Gas Stations, Auto Body Shops, or Commercial or Industrial Areas, Raw Land-Steep Topography, Co-ops, Primary Residence, 2nd Homes, Mobil Homes, Trailer Homes, Subdivisions-Re-Zoning, Funky Neighborhoods, Streets and Neighbors.
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