Northeastern Financial provides interim financing and bridge loans for borrowers who have struggled to cut through the red tape of traditional lending institutions and banks. Each loan is unique. Our rates depend on the scope, cost and term of the project. In addition, the strength of commitment & financial background of the individual borrower is important. Credit plays a part but we are not exclusively FICO driven.
PRIVATE LOAN GUIDELINES
The loan terms will depend on the value of the property and your ability to pay back the loan.
- Collateral: Collateral is based on LTV: Loan-to-value.
We loan up to a 70% LTV. For example, if the property value is
$100,000, we would loan up to $70,000.
- Exit Strategy: The exit strategy is also called the
"take out strategy". Examples of exit strategies may be to
refinance into permanent financing or to sell the property.
It is important that your exit strategy is realistic!
- Commitment & Capacity: Intellectual capacity and a commitment to the project is crucial. Your ability to perform
& complete the project is extremely important to your success.
This includes taking initiative, making payments on time, having
realistic expectations and understanding risk.
HOW DO WE PROCEED?
Call or email us for your Free Consultation.
Proposal Overview: For us to review your project,
borrowers will need to submit an Proposal Overview
that includes the following:
- Contact information
- Amount of loan
- Term of loan
- Exit strategy or take out strategy
- An appraisal or FMV (fair market value)
- List of any outstanding mortgages
- Ability to make monthly payments
We will provide you with rate and terms for your individual loan/situation.
If the loan makes sense, we will work to get your loan funded as quickly as possible.