About:Paces Funding is hard money lender offering loans for the purchase or renovation of non owner-occupied residential or commercial properties throughout the metropolitan area (including Atlanta, Nashville, Florida and the Carolinas). Our competitive rates and our willingness to work around our clients’ unique circumstances make us one of the best hard money lenders – and we can help you get the financing you deserve.
TERM:
6 – 12 months
PREPAYMENT:
No prepayment penalties.
USE OF PROCEEDS:
Loans are made for investment purposes only. Cash out refi also available.
LOAN TO VALUE (LTV):
Loan amounts can be up to 65% of the ARV value of the collateral. If the loan is used for renovation or construction, the loan amount can be based on the improved value. Repair funds are held in escrow and are disbursed once construction milestones are reached.
RATES:
Rates vary from 13-15% per annum, interest only, depending upon collateral and loan structure.
BORROWER FUNDS:
Borrower must contribute 15% of project cost
FEES:
Fees of 4-5% of the loan amount. (minimum fee may apply)
LOAN SIZE:
$25,000 – $3,000,000
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