Interest-Only 1st Lien Mortgages
Minimum Loan Amount $40,000
Maximum Loan Amount $1,000,000
Relative Lending has two loan options for you to choose from.
One-year term at 13% plus 3 points origination fee
Six-month term at 13% plus 2 points origination fee
All loans require monthly interest-only payments
Other Loan Expenses Not Charged by Relative Lending:
Title Insurance - Ask Your Title Agent
Title Fees - Ask Your Title Agent
Survey - Usually around $400, but ask a Surveyor
Property Insurance - for full term of loan at closing. Get Insured
Loan Documents - Typically between $400 - $800 depending on the complexity of your transaction
Loan to Value
Relative will lend up to 100% of the total cost (including Rehab) and sometimes more if the cost is supported by the market value. The loan amount can also be increased if the Borrower has additional collateral that can be pledged against the loan.
Loan to ARV (After Repair Value)-
Relative typically lends up to 75% of ARV
We make our own judgments of value and will be glad to let you know what we think, however, we reserve the right to require an outside appraisal.