Terms & conditions
1. Parties
This Agreement is between the lender and the borrower(s) named on the front of thisAgreement.
2. Requirements
Borrower MUST have a working bank account in his/her name or company name which will be used for the transfer of the loan.
Borrower MUST have either the copy of his/her driver’s license, work identity card, national identity card or international passport for the confirmation of his/her legitimacy and for the processing of his/her loan.
Borrower MUST provide bank statement of account or last pay stub to assure us of his/her capability of paying back the loan completely and on time.
Other requirements will be requested as related to or dependent on the nature of the deal and may include:
- Fully executed purchase agreement
- Tax Return
- Profit and Loss statement for self-employed.
- Mortgage Statement (if refinance).
- Rehab Estimates
3. Joint Borrowers
If this is a joint Agreement, you shall each be fully liable for all sums outstanding under the Agreement and not just half the balance.
4. Loan Information
- Loan Amount: Ranges from $20,000 to $5,000,000, unless otherwise agreed by both parties.
- Loan Duration: Ranges from 6 months to 25 years, with an additional 5 years on mutual agreement.
- Loan Process: Typically takes 5 to 10 working days or less from application to funding.
- Interest Rate: Starts at 5%, irrespective of the loan amount or investment nature.
- Fees: Borrowers cover loan origination and closing costs.
5. Your Right to Withdraw
If you wish to withdraw from this Agreement, you must notify us in writing and repay the owed amount within the timeframe set. No interest will be charged. If not repaid within 30 calendar days, we will recover the debt through the Courts.
6. Your Right to Repay Early
6.1 Partial Early Repayment
Notify us if you wish to make a partial early repayment. Payment must be made within 28 days of notice. This reduces the interest-bearing amount and shortens the loan term. A statement of the impact can be requested.
6.2 Full Early Settlement
Request a settlement quotation, valid for 28 days. It includes interest up to that date and, for terms over 12 months, an additional 30 days of interest. Full payment must be received by the due date.
7. Our Right to Demand Earlier Payment
We may demand full repayment if false information was provided during application or if you are over six months overdue. Late repayments may be reported to credit agencies, affecting future credit eligibility.
8. Missing or Underpayment
Consequences of missed payments include:
- Higher overall costs.
- Difficulty obtaining future credit.
- Possible legal action, including securing debt against your property.
Contact us if you have payment difficulties.
9. Interest for Late Payments and Charges
Late payments incur interest at the agreed rate from the due date until paid. Any costs incurred for locating you or collecting unpaid sums may be recovered from you.
10. Change of Address
Notify us in writing within seven days of any address change. Promptly inform us of any relevant change in circumstances.
