$1,500,000 to $12,500,000
Between 55% to 65%, depending on location and property, subject to Loan Committee's approval.
Initial Advance shall be no less than $500,000
7.9%
12 months
Interest only on Disbursed Funds for the first 90 days.
After 90 days, interest shall be payable on the Credit Line Amount,
unless adjusted as provided below.
After 90 days, Borrower may reduce the Credit Line Amount, and interest shall be payable on the new Credit Line Amount only. At any time thereafter, Borrower may further decrease or increase said amount up to the Initial Credit Line Amount. Increases may require up to 45 days notice.
2.0 points to Lone Oak Fund, LLC
To be determined
$250 per property, payable with Borrower's acceptance of terms.
Two 6-month Options to Extend as follows:
- First 6 months for 1.0 point to Lone Oak Fund, LLC at 8.30%
- Second 6 months for 1.5 points to Lone Oak Fund, LLC at 8.30%
At such time that Line of Credit is extended, the Outstanding Principal Balance shall become the Credit Line Amount.
Release Prices shall be 100%-120% of the Allocated Loan Amount for each property.
After the Initial Advance, additional houses will be funded under separate Notes and Deeds of Trust, up to the Credit Line Amount. Borrower shall pay a $250 Evaluation Fee for each additional property.
None
Borrower pays all 3rd party fees including title and escrow
Within 5 days from receipt of full package
**Terms effective as of 11/10/2011. Terms are subject to change without notice.
