Capitol Mortgage Company has been providing Private Money Refinance Loans (PM) for our clients, since 1993. The reason home buyers choose to use a Private Money Lenders is because the borrowers or their property do not otherwise qualify for traditional or government loans. These days PM loans provide one of the only viable alternative financing to traditional loans. With PM loans an appraisal is not always required, so rehab properties can often be financed. Rental PM refinance loans are somewhat easier to place than with primary property PM loans. Let our PM refinances provide practical solutions for you to accomplish your goals.
- PM Refinance Loans are for residential, farm, acreage, and commercial properties.
- Not entirely credit based, but better credit helps
- Appraisals required for owner occupied homes
- Appraisal may not be required for rental properties
- Value can be determined by Real Market Value or realtor’s valuation, rather than a lower purchase price
- Loan to Value can be 30-70% based on the actual value
- PM loans are often quicker to fund
- Owner occupied PM loans fund at 9% or less for terms of 7-10 years
- Demonstrated borrower acceptance of the higher loan interest rates of 8-12%
- Demonstrated borrower capacity to handle the monthly payments