Puget Sound Investors FAQs
Q: What types of property do you loan on?
A: We provide financing on non-owner occupied single-family residential properties, new spec-home construction, fix & flip loans, raw land, timberland, land developments, multi-family properties, and commercial properties. We do not loan against owner-occupied primary residences.
Q: In what areas do you loan?
A: As part of our underwriting process we personally visit and inspect any property that is to be used as security for a loan. For this reason we prefer to limit our lending area to Western Washington.
Q: How much can I borrow?
A: This depends entirely on the value of the property being used as security. We can typically loan up to 60% loan-to-value (LTV). We have funded loans ranging from $15,000 to $2,000,000.
Q: What are typical loan terms?
A: Loan terms typically range from one to five years. Interest rates typically range from 9%-12%. Most loans require interest-only monthly payments with the full loan balance due at the end of the loan.
Q: Do you assess prepayment penalties?
A: No. We do not include prepayment penalties in any of our loans.
Q: How much are loan fees?
A: We charge a loan fee that typically ranges from 3%-8% of the loan amount. This fee is built into the loan and paid out of closing. It is not expected to be paid out of pocket by the borrower.
Q: Do you require a down payment?
A: A down payment can strongly help in getting your loan funded, however, we ultimately evaluate our loans based on the value of the security. If a loan is under 65% LTV without a down payment then it is possible we may not require you to provide one.
Q: How do I apply for a loan?
A: You may fill out a loan application by following this link. If you have any questions or would like to discuss your loan scenario in further detail please contact us via email or phone.
Q: How long does it take to close my loan?
A: As a private brokerage we can be more flexible and responsive than many conventional lenders. We are able to respond quickly to loan requests. We can usually respond with a "yes" or "no" within a few hours. Typically, our loans can be processed and funded within a few weeks or less from the time of application.
Q: What can I provide to expedite my loan process?
A: The more prepared you are, the faster we can process and close your loan. In addition to your loan application we may also require additional documentation such as a personal financial statement, schedule of real estate owned, a detailed scope of work, construction budget if applicable, as well as your LLC Agreement or Corporate Resolutions if applicable.
Q: What happens to my loan after closing?
A: All loans that we close are managed in-house throughout the duration of the loan. We pride ourselves on being hands-on lenders and always remain available to discuss the status of your loan or work through any issues or changes that may arise.