You have been tentatively approved for an E-Z Owner Builder, Construction, Spec Home, Home Completion or other 1-2-3 year real estate loan in first position from $250,000.00 to $1,000,000.00 in Northern California for up to 60% LTV (call for todays low interest only private money rates). Loan costs include points, $250 doc fee, draw inspection fees, plus title insurance, and escrow fees. (Outside Nevada County there will also be some additional travel time fees charged for draw inspections). as well as other costs.
This approval is subject to confirmation of the values you've represented, issuance of ALTA lenders title insurance and availability of funds. Your loan will have:
- NO PREPAYMENT PENALTY
- NO FICO SCORES NEEDED HERE!
- NO APPRAISAL FEE (in Western Nevada County)
- NO CREDIT REPORT FEE
- NO INCOME DOCUMENTATION
and can close escrow in as little as ten working days from when your title report and demands are in. This tentative written loan commitment is good for 30 days from the date of viewing this letter. (All rates subject to change until your escrow is opened). All E-Z Loan approvals are made subject to the confirmation of values represented, issuance of A.L.T.A. title coverage, and availability of funds. Subordination, second loans and third loans behind our loans are permitted up to 100% LTV.
NOTE: Interest will be charged on construction draws held
Interest is charged on the full loan amount on construction loans including any part of your funds held for draws or future work to be completed. Because your loan is being funded by private individual(s) (not a bank) private investors expect to draw interest on the entire loan amount the day they deposit the full amount of your loan to escrow. After giving you a close of escrow draw and or land advance, the title company places the portion of your loan proceeds to be held for future draws in an interest bearing escrow account. This arrangement is for your protection. Under this arrangement even the investor were to die, leave the country, or go bankrupt, all your draw funds needed to finish your building will always be there in your escrow account waiting for your completion each stage of work as required. Other private money brokers may allow your investor to keep possession of your future draw funds held for work to be completed to save you some interest. But "BEWARE" of that arrangement, it is not in your best interest and never safe for you the borrower. Here's why? Should you ever be ready for a draw and the investor happened to be unavailable, out of the country, had spent the money, went broke, or even died unexpectedly you might find that your funds to finish building are unavailable.
Our program requires that the lender deposit the full loan amount prior to close, to be placed in your escrow account for you by the title company to insure that your funds will be there ready and waiting for you (along with all accrued interest accumulated at the pass book rate) whenever you're ready for a draw. Many of our past 1,000 E-Z Loan borrowers think an EZ Private Money Loan from Brad Evans is the "only way to go"!
Please don't hesitate to call if you have any further questions. 530-272-5916 for loans in Northern California. Please don't call with loan requests outside Northern CA we have no one to refer you to.
P.O. Box 163
Cedar Ridge, CA 95924