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- Non owner-occupied single family
Overview
We are a DIRECT hard money lender, offering fix and flip lending with rates starting at 8.99% and 3 points. We offer same day approvals, and can close in 4-6 days. We lend nationwide, and will finance up to 90% of the purchase price, and 100% of repairs.
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Blanket loans
Bridge loans
Cashout refinance loans
Conventional loans (Fannie/Freddie)
FHA / HUD loans
No cash out refinance loans
USDA loans
VA loans
Bridge loans
Cashout refinance
Conventional loans
First position loans
Fix and flip loans
Ground up home construction loans
Long-term rental loans
No cash out refinance
Residential hard money loans
Value-add rehab loans
Non owner occupied loans
The hard money loan term is generally 12 months, but can be up to 24 months, with the option to extend when requested.
The hard money loan is for real estate only, and must be in the first lien position secured with a Deed of Trust and insured with a Lender’s Title policy. We do not lend on primary residences.
We lend up to 90% of the acquisition price, and can finance up to 100% of the repairs, as long as we are financing below 75% of the after repair value. We do not finance closing costs on the purchase, but can on refinance and cash-out loans.
Yes, an Interest Reserve Account can be built into the loan so that all, or some, monthly payments will be deducted from this account until depleted or until the loan is paid off. Any unused portion of the Interest Reserve Account will be credited to the Borrower on loan payoff
No, Park Place Finance does not have a prepayment penalty on any of their bridge loans.
Park Place Finance requires an appraisal on most transactions, and is able to get appraisals back in 3 business days generally to ensure we close in as little as 5-7 business days. However, there are certain exceptions where we can skip the appraisal process
Park Place Finance requires a 600 credit score for at least one of the applicants. All tax liens over $10,000 must be satisfied at or prior to closing.
No, this loan is funded by Park Place Finance and can be closed, if necessary, in a matter of days from the initial loan request.