● Where do the over €150 Billion in Private Assets come from for the loans?
The €150 Billion dollars comes from several private hedge funds along with select group of private investors.
● Who/what is Private Funding Corp (PFC)?
Private Funding Corp is a Nevada, USA Corporation which connects businesses and consumers with a private bank which funds mortgages from private hedge funds. PFC also connects businesses and consumers with private investors who fund mortgages directly.
● Who will our loan be with?
Either a private USA bank or a private UK bank.
● Which bank?
We can reveal the name of the bank to you, and you can speak directly with them (at the appropriate time), once you sign PFC's NDA/NCA Agreement and your Executive Summary is submitted and Approved. Forms
● What documentation is required to apply for a loan with PFC's funding sources?
First an executive summary is required to be completed, after which we will have a conference call to discuss your loan. After the call a 1003 application, a current appraisal of the property. Documents which prove collateral will also be required. Check List
● What are your funding sources interest rates for commercial and residential loans?
As of December 7, 2009, interest rates for our private money loans range form 5.25% to 8%. If you do not qualify for a private money loan we may be able to provide you with other options.
● Do your funding sources provide loans for businesses or consumers with imperfect or bad credit?
Our funding sources' best rates are available for those with good credit, but they do provide options for those with less than perfect credit.
● What are your funding sources' interest rates for land loans?
As of December 7, 2009, with good credit and collateral, interest rates are typically under 10% for land loans.
● How much LTV do your funding sources finance for commercial loans?
Up to 85% on commercial loans.
● How much LTV do your funding sources finance for land loans?
Up to 75% on land loans.
● Do your funding sources do principal + interest loans or interest only?
Our funding sources provide both types of loans. These days the most popular terms are (and the easiest to get approved) interest only for 5 years then a 25 year amortization, however, normally you may add principal to any interest only payment to pay down your principal sooner.
● What loan amounts do your funding sources offer for commercial loans?
€ 500,000 to € 2 Billion.
● What loan amounts do your funding sources offer for land loans?
€ 500,000 to € 50 Million.
● Do you have any application fees?
No.
● Do your funding sources offer construction loans?
Yes.
● Do your funding sources offer commercial and residential land loans?
Yes.
• What is the difference between Private Money Loans and Hard Money Loans?
In today's market, Private Money typically provides loans at 5-8% interest with 3-5 points, while Hard Money typically provides loans at 8-18% interest with 4-8 points. After approval, Private Money Loans typically take 60-120 days to close, while Hard Money Loans typically take about 30 days to close.
• Does PFC connect borrowers to Hard Money or Private Money Loans?
PFC specializes in connecting borrowers to Private Money Loans, although if a Private Money Loan does not meet the needs of a borrower due to longer closing times, or if a borrower does not qualify for a Private Money Loan, PFC can assist borrowers in obtaining Hard Money Loans.
