Property Types

• Single family residential preferred, all property types considered

Borrower Types

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

Lending Areas

• Washington, Oregon and Idaho - urban areas preferred, but no location within a lending area is excluded

Property Condition

• Any condition

Loan Purpose

• Any Investment or Business Purpose Loan

Project Types

• Construction – owner contractor ok, partially completed / construction finish up ok. Construction loans typically underwritten on a loan to cost basis
• Rehab – loans to rehab existing structures, finished value is taken into consideration when calculating LTV
• 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 year
• 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

Guidelines? Yes.
Exceptions, Of Course!!

Now offering improved pricing for shorter term loans.