DETROIT MICHIGAN HARD MONEY LOANS
WWW.VAKAMONEY.COM
WWW.VAKAMONEY.COM
1-800-290-8372 x8401
Geographic Area
(Metropolitan Detroit) Oakland, Wayne and Macomb Counties
Property Type
Residential non-owner occupied single-family homes.
Loan Size
No Minimum. Funds can cover acquisition, renovations, and a portion of closing costs. Minimum cash to close (“skin in the game”) is $6,000.
Interest Rate
15-18% interest only. Paid monthly in most cases. Deferred in some cases.
Loan Fee
7 - 9 points (Minimum of $3500)
Loan-to-Value
Up to 60% of the After Repaired Value
Loan Term
Typically 6 months (some exceptions up to 12 months)
Prepayment Penalty
None
Lien Position
First lien only
Credit Score Requirement
680 mid score (up to 60% of the After Repaired Value).
