1-804-414-8690
Hard Money
Private Money

Richmond Mortgage Inc.

Hard Money, Private Money

Loan Program

June 26, 2012 by Mary Krumbein

Commercial Loans secured by single family residences, small apartment units or commercial real estate:

  • No Credit application: Just need address of property
  • Minimum loan amount Richmond area=none
  • Minimum loan amount outside of Richmond=$50,000
  • Loan to value: up to 50%-90% of purchase cost (Richmond area) + a portion of repair costs
  • Loan to value: 50%-80% of purchase cost (outside Richmond) + a portion of repair costs (based on borrower)
  • Annual interest rate=8% – 16% APR, interest only payments, monthly
  • Length of loan= 12 months-extensions available
  • Points paid on back end of loan at payoff: 1% to 5% of loan amount
  • Loan must be to a business entity (we cannot loan to individuals)

NO UPFRONT CLOSING POINTS or FEES

Documentation needed for single family loans:

  1. Address of property
  2. Purchase Price
  3. Rehab List
  4. Exit strategy

Please fill out our loan Application on the 5 minute loan application page.

E-mail: mike@richmondmortgageinc.com
Follow with a phone call at 804-240-9314 to verify receipt of e-mail.

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Address:
P.O. Box 6784
Richmond, VA 23230

Mike Krumbein: 804.414.8690
Lisa Girardi: 804.414.0536
Fax: 804.288.1899

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