PROGRAMS - PRIVATE MONEY SOLUTIONS
Fairfield Financial has been a full spectrum private money source for commerical loans, investment loans, renovation and rehab loans, REO acquisition loans, construction loans, and loans on raw land--just to name a few--since the 1960s.
To the right is a list of the types of private money loans that we do; mouse over a loan type to see a summary of the program, along with an indication of the maximum Loan to Value (LTV) ratios at which we are generally able to place these loans.
We have made loans on commercial properties of all types, including office buildings, retail buildings, mixed use, restaurants, taverns, motels, car lots, gas stations, mini-storage, malls, industrial properties, and multi-family residential. 75% is generally our maximum LTV.
We have worked many times with investors who buy fix-up properties and re-sell. We can generally loan up to 75% of the projected value of a project. In many situations, we can arrange for the financing of the renovation budget as well.
Lately, we have had a number of borrowers come to us in search of financing to purchase REO properties. We can generally loan up to 75% of the current or projected value of a project, and sometimes 100% of the purchase price. We have frequently worked with buyers of discounted HUD properties, and know the process for getting these transactions closed.
We will loan on any raw land (i.e. land without infrastructure/utilities) that qualifies as buildable. This includes both commercial and residential zoning, urban and rural, and anything from 2,500 square feet to 5,000 acres. For undeveloped land, we can generally lend 70%, but we occasionally go higher under the right circumstances.
Loans on Lots and Acreage with Utilities
Though the banks seem to be hesitant about loaning on developed land (lots or acreage), we are generally eager to do this type of loan. As much as 25% of all the loans we do fall into this category. Our maximum LTV on developed land is 75%.
We have arranged loans for a variety of agricultural and ranch properties. We are a bit more conservative regarding LTV for properties of this sort, with our maximum being about 65%.
We tailor our construction loan programs to meet individual contractor needs. Though more expensive than traditional bank financing, we are more flexible regarding many issues, and have had many contractors return to utilize our construction loan services repeatedly. Our maximum LTV for construction is 75% of the value of the completed project.
The Vice President of Fairfield Financial lived on floating homes for eight years, and is very much a part of that community. We understand the unique issues related to borrowing either to refinance or purchase a floating home. We have loaned money on floating homes that don't fit the bank's strict criteria, and we have frequently loaned money for the upgrade or expansion of an existing floating home. Our maximum LTV for floating homes is 75%.
Manufactured Homes (on private land)
We are not terribly concerned about the year or model, or whether the home is a single-wide or double-wide, but the home must be on owner-occupied land. We look at the whole package, home and land, and if the value is there, we can make the loan. Our maximum LTV on manufactured home/land packages is 75%.
Seconds on Investment and Commercial Properties
These are generally short-term scenarios, ranging from six months to one year.
If there is a good explanation as to why the foreclosure situation occurred and what has changed to remedy the problem in the future, and if the LTV does not exceed 70%, we are frequently able to refinance properties out of foreclosure.
Cash Out Refinance
Frequently our borrowers will refinance a property with the intention of pulling cash out. This cash might be used to consolidate bills or to initiate some sort of a project. We can loan up to 75% LTV on cash-out refinances.
A common scenario for us is a borrower that might be relying on a seller to do a partial carry-back, with our lender going in first position. In this case, the borrower may be coming to escrow with little or no down payment, or in fact, may be pulling cash out of escrow. In these scenarios, we can obtain financing up to 75% LTV and a maximum of 120% CLTV.
Bridge Loans - as short as 3 months
Many of our borrowers need short-term solutions, without painful pre-payment penalties. We recognize that private-money is often a short-term solution, and strive to offer reasonable solutions for borrowers needing the money for as little as 3 months.