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LOAN SAMPLE AND
PROCEDURES
Property: 3 Residential Lots in Santa Fe, NM
Property Value: $1.5 million
Loan Amount: $750,000
Monthly Payment: $8,125
Interest/Yield: 13%
Term: 24 months
Balloon: $750,000
Note: Some notes have a higher Loan Amount than the
Offering Price. We sometimes write in a 1-2 % discount that
increases yield and offers a built-in prepay fee.
We exercise our due diligence with the following:
- Credit application
- Credit report
- Appraisal
- Title Binder / Title Insurance
- Income verification
- Financial Statement
- Hazard & fire insurance
After all items are reviewed and approved, we order closing
documents and close with a title company. Documents are
recorded and funds are disbursed.
Documents are delivered to an escrow/servicing company.
Borrower pays payments to the servicing company which are disbursed
to the investor. Payments may be disbursed by check or
electronic transfer.
The servicing company will maintain a record of all payments
including principal and interest. We use Weststar Escrow
located in Albuquerque, NM.
Weststar Escrow offers customer access to review status of each
account.
PMI Funding will continue to help with any issues concerning the
investment.
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