No. Loan proceeds must be used for a business purpose, not for “personal, family or household” purposes.
Land
Do you make development loans?
No. We do not make loans to put in infrastructure or for vertical construction. We do not have the staff to process draw requests and monitor the development process.
Will you allow a cash-out refinance?
Yes, we will allow you to walk away from the closing table with cash in your pocket if our underwriting justifies a loan amount larger than that needed to pay off an existing loan(s).
Will you extend my loan if I reach the maturity date and have been unable to get the property sold?
Most likely, yes, provided you have made your payments on time, are not in default on any other loan provisions and the project fundamentals are substantially the same as those at the time the loan was originated. Our loan documents contain an extension provision.
Can I qualify for a loan if my credit history doesn’t look stellar?
Yes. While we will pull your credit report and examine additional financial information, our decision to make the loan will be based primarily on an inspection of the property itself, our opinion of the value of the property and your exit strategy. We understand that bad things can happen to good people.
Will you lend on vacant land zoned for agricultural purposes only?
No. The land must be currently zoned for commercial or residential development.
