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Private Money Programs
These programs are designed for Borrowers who need financing very quickly or cannot comply with current bank underwriting and appraisal guidelines. All financing is priced and granted on a CASE by CASE basis.
- Residential - Primary Residence Home Loan amounts from $1,000,000 to $10,000,000.
- Residential - Investor/non-owner occupied homes from $200,000 to $10,000,000.
- Commercial - from $200,000 to $10,000,000.
- Residential - up to 65% of the appraised value.
- Commercial - up to 70% of the appraised value.
- 1-3 year term.
- First lien only.
- All payments for interest, taxes and insurance for the initial 12 month period can be included in the final loan amount.
- No additional pre-payment penalties.
- Loans are available to Borrowers with excellent to less than perfect credit.
- Personal guarantee's required.
- Exit strategy REQUIRED
- Application Fee $495 - due at application - non-refundable
- Rates from 10% to 15%
- 5 points total
- One appraisal for loans under $500,000, 2 for all others
- Borrower responsible tor all title, legal, filing fees and mortgage tax
- With acceptance of a "Letter of Intent" the borrower may need to provide a non-refundable deposit of 1% to be applied toward points listed above.
Loans are available in New York and Connecticut
To start the pre-approval process, call Doug Kreuscher at (914) 762-6214.
Documents required for a full application package:- Fully Completed and Signed 1003 application and credit report (Benchmark will assist)
- Summary of intended use for proceeds.
- Income and asset documents on a case by case basis.
- Legible copy of a valid drivers license for Borrower(s).