Outline of Loan Terms:

We are a Nation Wide lender at approx. 18% APR interest. Loans are written initially for 12 months. Preferred size: $750,000.00 to $3.5 Million. Generally speaking - no refinances.

Payments are interest only, no prepayment penalty, no fixed term, and can be paid down or paid off at any time and may be used as a line of credit.

In the 13th month of the loan the payment goes to a 16.36% rate as the initial 4 points bought the rate down to a 12% payment per annum for the first twelve (12) months.

We are collateral based and we like the borrower to have good credit and about 30% CASH in a deal. We do not require appraisals, we use the purchase price as a guide to the value and also try to determine the local market "quick sale" value.

We visit the property and meet with the borrowers and their teams as well as the brokers as part of our “due diligence”

Once the deal is approved, we obtain an up front REFUNDABLE deposit of around $5,000.00 to begin legal/title work. Any unused portion is refunded if we can not do the loan.

We require personal signatures from the borrowers and usually spouses. We will need to confirm the borrower’s ability to repay the loan.

We never want our money to place the borrower in a bad position where the loan is doomed from the beginning. We do not “loan to own.” We look at ourselves as a ministry for senior citizens as they are a majority of our depositors. We have paid our depositors 8% plus for 24 years.

Janine A Hamilton
Principal
janine.hamilton@thesonomagroup.com
Direct: 703.734.1151 

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Received on Wed Apr 18 13:50:23 2007