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Land Home Construction Loans
Manufacture Home Dealers
Mortgage Brokers
PMI Funding Corporation
offers, in most states, an interim construction loan
program on modular/manufactured home and land packages. We are able to
utilize private money on interim loans that conforming lenders may turn down.
The program works well for mortgage brokers representing the permanent end loan.
See more info at:
http://www.landhomeinterim.com
We also offer permanent
financing in some western states.
For approval of an interim loan, please forward the
tri-merge and lender's approval letter stating that all conditions are met
subject to inspection of completed property. Upon approval of interim
loan, we can close quickly. We can approve in 24 hours.
Rate and term for interim loans are as follows:
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10-12% per annum depending on credit plus 2.5 to 3 points depending on monthly
volume.
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$400 processing fee
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$300 underwriting fee
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____ doc prep, lender's policy & title company costs.
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Term is 120 days with a
penalty of 1% of loan amount for every 30 days after due date.
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We will lend up to 70%
of appraisal, or higher on a case-by-case basis.
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We pay off land in developer/seller's name.
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We disburse up to dealer's cost of home.
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We disburse one-half of construction cost to contractor at
closing. Balance of second half is disbursed upon closing of permanent
loan.
Breakdown of construction costs must be submitted.
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Example: $80,000
Requested Loan Amount
2,400 3 points
400 Processing fee
300 Underwriting fee
___ Doc prep
___ Lender's policy & closing costs
$76,900 Estimated net
$82,667 Payoff amount in 120 days (computed at 10% interest on a daily basis)
For more information,
please contact:
Ron Heinze at
505-275-2244
PMI Funding Corporation
505-275-2244
505-213-0150 Fax
rheinze@pmifunding.com
See more info at our sister
company:
http://www.landhomeinterim.com
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