During this time, it is important that we utilize as many valuable resources available to mitigate further loss.
We have secured the following funding options for developments that are 50% - 75% complete that had originally expected to be completed within 4 to 6 months. We are actively working out funding to extend pay off existing loans, pay for completed work, and provide the capital necessary to complete the project.
Schedule a call to go over your unique situation and how we can reposition your project for funding now.
To Schedule A COVID-19 Disaster Relief Funding Call Click Here.
Covid-19 Funding Criteria:
Purpose: Purchase, Refinance, Repositioning, Value-Add
Term: From 6 -18 months up to 3 years
Rate: 8%+ (fixed)
Amount: $250,000 - $50 million+
Amortization: Interest only
Leverage: Up to 65% Loan-To-Value 90% LTC
Collateral: First Trust Deed, will finance note or portfolio acquisitions
Personal Guarantee: Non-Recourse
Property Types: All Types Welcomed
- Construction Loans
- Land Development Loans
- Bridge Financing Loans
- Heavy Rehab / Redevelopment Loans
Prepayment Penalties: None
Underwriting Decisions: All Decisions Made In-house
Draws: Typically within 24 and 48 hours of draw request
SBA Disaster Relief Funding Criteria:
SBA disaster loans offer an affordable way for individuals and small businesses to recover from declared disasters.
|STEP 1: Apply for Loan||STEP 2: Property Verified and Loan Processing Decision Made:||STEP 3: Loan Closed and Funds Disbursed|
- As a business of any size, you may borrow up to$2 million for physical damage.
- As a small business, small agricultural cooperative, small business engaged in aquaculture, or private non-profit organization you may borrow up to $2 million for Economic Injury.
- As a small business, you may apply for a maximum business loan (physical and EIDL) of $2 million.
- As a homeowner you may borrow up to $200,000 to repair/replace your disaster damaged primary residence.
- As a homeowner or renter, you may borrow up to $40,000 to repair/replace damaged personal property.
- SBA reviews your credit before conducting an inspection to verify your losses.
- An SBA verifier will estimate the total physical loss to your disaster damaged property.
- A loan officer will determine your eligibility during processing, after reviewing any insurance or other recoveries. SBA can make a loan while your insurance recovery is pending.
- A loan officer works with you to provide all the necessary information needed to reach a loan determination. Our goal is to arrive at a decision on your application within 2 - 3 weeks.
- A loan officer will contact you to discuss the loan recommendation and your next steps. You will also be advised in writing of all loan decisions.
- SBA will prepare and send your Loan Closing Documents to you for your signature.
- Once we receive your signed Loan Closing Documents, an initial disbursement will be made to you within 5 days:
o Physical damage: $25,000
o Economic injury (working capital): $25,000 (In addition to the Physical damage disbursement)
- A case manager will be assigned to work with you to help you meet all loan conditions. They will also schedule subsequent disbursements until you receive the full loan amount.
- Your loan may be adjusted after closing due to your changing circumstances, such as increasing the loan for unexpected repair costs or reducing the loan due to additional insurance proceeds.
Thank you once again in advance for all your time and attention. We look forward to working with you and your team.
Stay Healthy and Safe!
~The Forward Action Team