Property Types

• Single family residential preferred, all property types considered

Borrower Types

• Individual
• Trust
• LLC
• Corporation
• Estate
• Partnership

Lending Areas

• No collateral in Washington, Oregon or Idaho excluded, urban areas preferred

Property Condition

• Any condition

Loan Purpose

• Any Investment or Business Purpose Loan

Project Types

• Construction – owner contractor ok, as well as finish up construction for projects mid-way through needing additional funds to complete
• Rehab – loans to rehab existing structures allowing the completed value
• Mobile/Land Setup - must be on real property
• Raw Land
• Land Development

Guidelines

• Credit – No requirements
• Income – No requirements – Borrowers must have a realistic plan for repayment
• Prepayment Penalty – None

Pricing / Terms

• Term - Typically 1 to 2 years, interest only payments
• Rate - Typically 10.5% to 12.9%
• Fee - Fee is based on contract term
• 4% for 2 years
• 3.5% for 1.5 years
• 3% for 6 months
• Other fees charged by WADOT through closing (NO UPFRONT FEES) - $275 document review fee, $475 underwriting fee, $150 - $300 inspect fee, $24 UCC-1 Filing Fee, and $50 tax service fee per parcel.
  Borrower responsible for all broker and/or 3rd party fees/costs