LOAN RATES & TERMS
Loan amount: $50K to $1M
Interest Rate: 1% per month
Monthly Payment: Interest Only
Maturity: 1-month to 2-years
Pre-payment penalty: None
Extension Fee No fees to extend on performing loans
Loan Fee: 3 points
Doc Fee: $650
Underwriting Fee: None
Appraisal: Not Required
Closing Costs: Paid by Borrower
Closing: Within 3–10 business days
TYPES OF BUSINESS PURPOSE LOANS
- Purchase / Refinance
- Single Family, Non-Owner Occupied
- Rehab Projects / Flips
- Apartments and multi-unit dwellings
- Small Commercial buildings
LOAN TO VALUE
- Typically 60% to 80% of purchase price
- 100% LTV loans available with additional collateral
- Loan Application – Borrower completes a 2-page loan application
- Submit Purchase and Sales agreement required for purchases.
- Loan Commitment – NWPL generally makes loan decisions with specified loan terms within 48 hours of application.
- Open Escrow and obtain Preliminary Title Report on subject property/properties.
- Confirmation of property insurance and legal documents drafted
- Closing – Most loans close within 2 to 3 business days after receipt and approval of Preliminary Title Report.