Yes. You can pay off your loan at any time, with no prepayment penalty and no minimum-interest charge.
No prepayment penalty
Some lenders charge a penalty, or require a minimum number of months of interest, if you pay off early. We never do. You pay interest only for the time you have the money. That matters on fix and flip financing, where a fast sale should mean a lower cost, and on bridge financing for real estate, where you pay us off as soon as your other property sells or your hard money refinancing into a bank loan closes.
Free extensions on performing loans
Business-purpose loans are generally written for 2 years, and owner-occupied loans (Oregon and Idaho only) generally for 5 years. If your loan is in good standing at maturity and you need more time, we extend it for free. No extension fee, no new points.
Why we do it this way
Private money should not come with traps at the back end. We are a family office lender, and we would rather earn repeat business than fees on a borrower's bad luck. Call 503-941-5473 to talk through your payoff or extension.