No. There is no underwriting fee, and we require $0 in reserves.
Why there is no underwriting fee
Many private money lenders charge a separate underwriting or processing fee, sometimes even if the loan never closes. We do not. Underwriting is part of what the origination fee pays for, so our full pricing is:
- 3 points (3% of the loan amount), $2,500 minimum
- Loan document fee: $650 on non-owner-occupied loans, $850 on owner-occupied loans (Oregon and Idaho only)
- 1% interest per month, interest-only
No underwriting fee, no processing fee, no junk fees on top.
What $0 reserves means
Some lenders require you to show months of payments sitting in the bank, or hold back an interest reserve from your loan proceeds. We do not require reserves. As asset based lenders, we approve real estate investment loans on the property's equity and your plan, not on your bank balance, and we do not ask for bank statements or tax returns.
That is how private lending should work: you know every cost before you apply. Call 503-941-5473.