RBI Mortgages Rates and Terms for Hard Money in Florida, NY, TX

RBI Mortgages Rates and Terms for Hard Money in Florida, NY, TX

– Our minimum rate is 8 1/2%
and 1.5% points at closing. Usually that's for the
better established clients, the ones with better
experience in fix and flips, and the ones with better credit
score and the bridge loans. But it goes all the way
from this 8 1/2% to 10%, that's usually the range for the rate, and the points are usually 1
1/2 to two points at closing. – [Interviewer] Excellent and
then are there any other fees that the borrower has to pay? Do they have to pay a legal fee? – Usually they have to pay, yes.

They have to pay legal fees which ranges, usually, from 750 to 1,500. On commercial loans might be
a little bit higher sometimes. And the appraisal which
is usually 300 to 600. Credit score requirement for
resident people in the U.S. is a minimum of 600 with some exceptions, sometime we can go a little bit lower, but usually it's 600 for
a minimum credit score. However, we do have an
important part of our clients that they do not have credit score, they are foreign nationals
and they are always welcome. Usually our minimum loan amount is 75,000 and the maximum loan
amount is five million but case by case sometimes we funded the less than 75,000 and
more than five million.

ernesto rostoker

The average loan is 24 months, for fix and flips it's usually 12 months, but it goes from 12 months to 36 months depending on the borrower needs. – [Interviewer] Do you
charge a prepayment penalty? – No prepayment penalty
on any of the products and that's one of the things that make us competitive in many things. And many great borrowers they
might have outstanding loans with big banks and conventional
loans and everything and they just come to us because
they need a fast closing, because they need to do a fix and flip or something that timing is sensitive. And because there's not prepayment penalty we're still competitive. This is not a rate they're
gonna pay for a long term, for 30 years or 15 years it's
gonna be only for a few months and it's flexible, if
they sell the property, if they get another loan they can always pay
off and don't pay more.

So that's part of what I
would say that's one advantage that make us competitive
in private lending. – [Interviewer] Do you
require a personal guarantee? – Yeah, in all our loans is required personal warranties for more than 50% of the owners of the company. So usually as long as 50% of the company sign these guarantees it's fine for us but yeah it is a requirement. – [Interviewer] And even
for a foreign national? – Foreign nationals are required as well. – Oh.
– Yes..

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