Prime Equity Mortgage

Phone: 916.458.5982

Address: 1024 Iron Point Rd. Suite 100 Folsom, CA 95630

Website: http://primeequitymtg.com/

States They Lend In: CA

 

Purchase

 

If you're looking to buy your first home, second home, or even invest in rentals or flips there are mortgage loan programs designed specifically for you. Traditionally, depository lending institutions have been funding mortgages for decades. However, with stricter underwriting guidelines the population of consumers qualified for such loans has become narrower.

Therefore, the emergence of mortgage banks, finance lenders, and private capital has increased the funds available to consumers without strict underwriting guidelines. Prime Equity Mortgage, Inc. deals directly to these non depository institutions who are willing to fund borrowers daily. Inquire about mortgage programs that fit your needs with a qualified broker at Prime Equity Mortgage, Inc. today!

 

Hard Money Loans

 

A hard money loan is a specific type of Asset-based loan"

 

"Financing"

 

financing through which a borrower receives funds secured by the value of a parcel of real estate. Hard money loans are typically issued by private investors or companies. Interest rates are typically higher than conventional commercial or residential property loans because of the higher risk taken by the lender. Most hard money loans are used for projects lasting from a few months to a few years. Generally, private investors seeking a higher rate of return on investment are the individuals or entities lending hard money.

 

Refinance Loans

 

By cashing out on your home you can use the liquid cash to pay off debt, make improvements to increase the value of your home, or start up a business venture. A refinance can also put you into a better interest rate thereby reducing monthly mortgage payments.

FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better deal.

• Low down payments
• Low closing costs
• Easy credit qualifying

VA offers a variety of home loan guaranty programs for Active Duty Service members, Veterans, and National Guard and Reserve members. Whether looking to purchase or refinance your current home, the VA loan program offers guaranty for service members of Active Duty Servicemembers, Veterans, and National Guard and Reserve.

 

Foreclosure Bailout

 

A Foreclosure Bailout Loan is a mortgage designed to save homeowners form having the properties being foreclosed upon by their banks. It is considered a refinance loan. The homeowner takes out a mortgage to pay off the current loan that is in default status.

Most foreclosure bailout loans require at least 25% equity in the home and credit scores over 500. While potential borrowers do not fall into this category, there are some that do and can benefit from the bailout programs.

Hard Money Loans

 

A hard money loan is a specific type of Asset-based loan through which a borrower receives funds secured by the value of a parcel of real estate.

Most hard money loans are used for projects lasting from a few months to a few years. Generally, private investors seeking a higher rate of return on investment are the individuals or entities lending hard money.

Hard money loans carry interest rates even higher than non prime loans. Since traditional lenders, such as banks, do not make hard money loans, private/hard money lenders are sometimes private individuals that reasonably foresee value in the scenario. Hard money loans are used in turnaround situations, short-term financing, and by borrowers with poor credit but substantial equity in subject property that wish to fix & flip properties, or source cash against properties for business purposes.

 

PRIVATE (HARD) MONEY FINANCING

 

A hard money loan is a specific type of asset-based loan through which a borrower receives funds secured by the value of a parcel of real estate. Hard money loans are typically issued by private investors or companies. Interest rates are typically higher than conventional commercial or residential property loans because of the higher risk taken by the lender. Most hard money loans are used for projects lasting from a few months to a few years.

Hard money loans are backed by the value of the property, not by the creditworthiness of the borrower. Since the property is used as the only protection against default by the borrower, hard money programs have lower loan-to-value (LTV) ratios than traditional loans. However, with the emergence of private money investors, small and local real estate developers can stay competitive and use high leverage on working capital.

 

Private Real Estate Rehab Loans

• Up to 80% LT
• Subject must be located in metropolitan area
• Rates starting at 8.5% Interest Only
• 3 mos. - 5YR terms
• Loan amounts: $50,000 - $4,000,000
  (Need Investor Approval)
• BK, Judgments, Short Sale OK
• Any FICO
• No Pre-payment penalty options
• Same Day Approval

Institutional Fix & Flip Funding

• Cash Out Refinance
• Up to 80% LTV (Case-by-case)
• Subject must be located in metropolitan area
• Rates starting at 8.5% Interest Only
• 6 mos. - 7 YR terms (Fix & Hold)
• Stated - Stated on Non Owner Occupied
• Stated on Owner Occupied
• PPP apply
• Use subject property rent roll for income
• Private line of credit available
• Cross collateralize other REO properties to mitigate risk for approval
• Stated - Stated - Stated Available (Non-owner occupied)
• Entities OK
• Quick funding
• Same Day Approval

---

 

INSTITUTIONAL/and PRIVATE MONEY FIX & FLIP FUNDING

• Up to 75% LTV
• Up to 80% LTV Case-by-Case
• 7.99% - 10.99% Interest Only
• 12 month - 5YR term
• PPP applies for terms > 1YR
• Property must show pride of ownership; If subject needs rehab - case by case
• Cross Collateral OK
• Rural Properties Case-by-Case
• FICO applies