At Velocity Commercial Funding Company we are experts at residential private money lending. At Velocity Commercial Funding we would like to you to have a pleasant experience dealing with our process of bringing liquidity.
We understand it is our job to earn your business on every loan you bring us. At Velocity Commercial Funding we all strive to bring transparency to the murky world of private money or hard money lending. As you will soon see Velocity Commercial Funding has detailed their lending policies to further ease the choice of whom to go with when your client gets turned down by the banks.
If you have questions about our loan products or just want to make sure your loan scenario fits our lending parameters, don’t feel shy call toll-free 800-984-6830 and speak with one of our friendly in-house loan consultants or send us an email.
Property Types available on our products:
- Single family residences
- 2-4 Residential Units
A lot of our borrowers ask us if we will lend on a condo project that does not meet Fannie or Freddie guidelines, the answer is a resounding yes.
Let`s discuss occupancy, unlike the vast majority of hard money or private money lending we actively lend on owner-occupied properties (various by state, please inquire with us which state allows hard money lending on primary residences). Yes we do fund into the covered loan territory and area comfortable doing so, this allows you to make some money as a broker, furthermore, with our ability to have the borrower buy down points with raising the rate you can insure you will actually make a fair wage on this type of loan. Of course we also fund second homes and non-owner occupied transactions which of course don’t have the same limitation on points and fees that can be charged.
Loan Terms – on owner occupied deals we only offer one term because of restrictions of our federal government and that is a 30 year amortization due in seven years, often called a “thirty do in seven”. This program has a 30 year payment and a balloon payment in seven years. A non-owner occupied deals we offer a 30 year due in 5 years and if the borrower only needs to borrow our money for a short period of time than he or she choose the two-year interest only option. If they pick this option it comes with a free no prepay. In this program the borrower can keep our loan for one month all the way to 2 years and pays it off any time with no penalty.
When it comes to loan amounts Velocity Commercial Funding lends as low as $100,000 all the way up to $3,000,000. Velocity Commercial Funding also considers loans past $3,000,000 on a case by case basis. It should also be known that Velocity Commercial Funding has funded residential deals north of $4,000,000.
Velocity Commercial Funding will lend to normal borrowers like husband and wife as joint tenants but we are equally comfortable lending to LLC’s, corporations and family trusts. We will not make you to take the property out of those instruments and put it back into the borrower`s personal names.
Velocity Commercial Funding will lend on full documentation and we don’t look at 1040’s the same as a bank. We also are comfortable looking at 12 to 24 months of personal bank statements as proof of ability to repay and this would be an alternative documentation on primary residences and second homes. On non-owner occupied properties we offer stated income documentation.