Some loans do not have a pre-payment penalty. However, most private money loans have a Step-Down Pre-payment Penalty.

For a five-year pre-payment, it is five percent of the loan amount in year one and reduces to one percent in year five.

Year 1: 5%
Year 2: 4%
Year 3: 3%
Year 4: 2%
Year 5: 1%

For a three-year pre-payment, it is three percent of the loan amount in year one and reduces to one percent in year three. 

Year 1: 3%
Year 2: 2%
Year 3: 1%

Yes, we can absolutely get you a pre-approval letter. Use this link to apply. Once it comes through, we will send you a credit authorization form. We will need that completed to get you a pre-approval letter.

A private money loan is a loan provided by a private individual or organization instead of a traditional lender such as a bank.

Unlike traditional loans, private money loans are typically secured by a real estate property and approved based on the property's value rather than the borrower's creditworthiness.

Private money loans can be used for various real estate transactions, such as purchasing, refinancing, or renovating properties.

The amount you can borrow with a private money loan varies based on the property's value and the lender's criteria. Generally, private lenders are willing to lend up to 70% of a property's value.

Interest rates for private money loans vary depending on the lender, borrower's creditworthiness, and other factors. Generally, private money loans have higher interest rates compared to traditional loans.

Repayment terms for private money loans typically range from 6 months to 3 years. However, some private lenders may offer longer terms.

Approval time for private money loans varies depending on the lender and the complexity of the transaction. Some private lenders can approve loans within 24 to 48 hours. Most loans require an appraisal, and all real estate transactions require title work, and these timelines are locally dependent.