What documentation is needed for a loan?
How long does it take to close a loan?
Depending on a number of factors, we can close anywhere from 48 hours to 5 days after we receive appraisal, title report and survey.
What is your minimum and maximum loan size?
$100,000 up to $2 million
Do you run my credit report?
No. All are loans are asset driven; the property value, cash flow, and experience and reputation of the borrower are the basis for our underwriting decisions.
What is the maximum loan to value (LTV) ratio?
We lend up to 60% of appraised value.
What do you need to make a preliminary decision?
Obviously, the more information you can provide the better. We will need an executive summary of the proposed loan, identifying the property, approximate value, loan amount desired, length of ownership if refinanced, copy of purchase contract if a purchase.
What happens after you make a preliminary decision?
If your proposed loan fits our criteria, we will issue a contingent letter of commitment outlining terms and conditions for closing.
What are your usual terms?
Interest rates are 9-16%, terms of 1 to 5 years, interest only or 25 year amortization with 5 year balloon. 2-4 points at closing.
Do you charge any upfront fees?
No, we only receive payment when and if we fund your loan request.
Who pays for the appraisal?
Am I investing directly in mortgage notes?
No, you are investing in a Series Limited Liability Company which in turn invests in the single mortgage loan that you want to invest in
Do I pay any management fees?
No, the manager of the Series Limited Liability Company does not receive any management fees
Then how is the manager compensated?
We earn our money on origination fees paid by the borrower of the loan, and a 1% servicing fee (typically 1%) subtracted from interest payments received before distribution to investors.charged to the investors for loan servicing
When do I receive interest payments?
On most of our loans interest is paid monthly. As soon as it is received it is ach’d into your bank account
Can I invest through my self-directed retirement fund, or another entity I control?
How does your real estate debt crowdfunding platform differ from the other platforms?
The principals of Private Mortgage Financing Partners, LLC, sponsor and manager of Private Mortgage Investments, LLC are real estate, finance and banking industry professionals, with a combined 65 plus years of experience in real estate and lending. We have developed this platform to allow a greater number of investors access to high yield private mortgage investments, and to provide the greatest amount of transparency possible. The principals of many of our competitors are technology and computer specialists, with limited knowledge and experience in the banking, lending and real estate space. They consider their platform to be a technology company that happens to have real estate as the product. We are real estate finance people first and foremost, our platform is merely a better way to syndicate investment opportunities, not an ends and means itself.