Interest Rates
between 9 and 12% depending on LTV, property type, borrower liquidity, credit score, and experience.
Lending Parameters
Below are our basic lending parameters, however, we are flexible. If something makes sense to us, we will entertain the loan request.
Discount Points/Origination Fees
generally, origination is two points of the loan/line amount.
Prepayment Penalties
the loans never have a prepay penalty, however there is a minimum interest due ranging from six to twelve months.
LTV
is higher than most competitors, if the borrower’s financial and loan repayment history are excellent up to 100% LTV in some limited cases, or as low as 60% LTV if financials and loan repayment history is less than average. Construction lending is generally 80-85% of the cost with future value exceeding cost by at least 10%.
Property Types
are residential one to four units, apartment buildings, and some industrial. Special use properties and retail are considered on a case-by-case basis.
Lien Position
First Trust Deeds, and Second Trust Deeds depending on borrower financials and CLTV. We have funded thirds in very limited circumstances.
Close Loans
in as little as three days if needed. The average time to close after signed LOI is about one week. We will work with mortgage brokers.
The Difference
The difference between MO Financial and its competitors:
Experience
MO Financial has continually been in the mortgage business since 2003 funding mortgage loans. MFI has never suspended our lending activities, even in the depths of the 2008-2009 financial crisis.
Quick Decision Making
The benefit of working with MO Financial is you do not need to fill out a loan application and wait to hear back from a loan officer who needs to run the loan request by his boss or an underwriter. You will work directly with Jeff, the originator, underwriter, and decision maker.
Creative Lending Solutions
We are open to creative strategies to fund your loan request. We can create highly custom solutions to make the loan happen for you, including cross-collateral loans, loans that have partial release clauses, using property that has title problems and many more challenging issues. The more challenging the better, if the loan makes sense.
Owner and Principal:
Jeffrey Donovan