Successful funding - Direct Lending
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Atlantic City, NJ
145,000 Purchase Price
80% Loan To Value
Investment Property
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Kent, WA
499,000 Purchase Prices
75% Loan To Value
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Atlantic City, NJ
145,000 Purchase Price
80% Loan To Value
Investment Property
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Atlantic City, NJ
110,000 Purchase Price
80% Loan To Value
Investment Property
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Lexington KY
118,000 Purchase Price
70% Loan To Value
Investment Property
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Seadorf, NY
1,1000,000 Loan Amount 65% Loan To Value
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Yonker, NY
250,000 Loan Amount 50% Loan To Value
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Blog
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What is non-bank lender?
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Nonbank lenders offer similar services to those of traditional institutions — but with lower down payments and fewer financial criteria. Because nonbanks operate, they don't have to adhere to as many regulations as legacy banks resulting in faster loan approvals and more flexible rates.
Traditional banks are often still the best option for borrowers. But there are times when a traditional bank might balk at originating a loan. This can happen if borrowers with low credit scores apply with them. It can happen, too, if borrowers are interested in buying a home that needs significant repair work or has serious defects that need to be corrected.
Nonbanks more flexible than the traditional banks, if the house has serious plumbing needs or the roof needs to be replaced, are often hesitant to offer financing,
Essencap is proud to offer our proftolio lending and directly lend to the borrower. Essencap provide the capital while you enjoy the success investment result.
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Essencap sample rate
Private Lending Company to Non-Owner-Occupant 1 to 4 property investment property in 48 states.
*** No tax return, no CPA, no employment letter, investment property only, 3 week closing ***
30 year fixed available Rate start at 5.375%, maximum 75% loan to value.
12 month bridge loan Rate start at 8.75%, maximum 75% loan to value.
Fix and flip program Rate start at 8.75%, can provide 80% loan to purchase plus additional 100% on renovation. Subject to 75% loan to after repair value.
Ground up Construction Maximum loan amount of 85% loan to cost, subject to 70% complete value.
Interest rates are subject to approval, borrower’s experience, credit score, loan to value, and evaluation review. Essencap reserves the right to audit and approve loans. All loans subject to additional origination fees.
**Sample interest rate is for purchase transaction, the interest rate is based on 60% loan of the purchase price with 740 minimum credit score. Reference period 9/26/2020
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