Hard Money LoansIGR Mortgage Services
Private Money Loans For Real Estate Investment, Commercial & Business Purposes
TERMS AND CONDITIONS – LOANS
These Terms and Conditions – Loans describe the general terms and conditions used in the loan process with IGR Mortgage Services.
You are not required to pay any upfront fees. However, some loans may require you to pay for an appraisal or BPO. Appraisals/BPOs are handled by non affiliated 3rd parties and all fees and costs are collected by the 3rd party and not by IGR Mortgage Services.
Loan costs, rates and terms can only be determined after evaluating:
Loan to Value (LTV) based on down payment or equity,
Credit Score (FICO),
Ability to repay, and DSR (Debt Service Ratio)
Your capabilities/experience and
Site Inspection and title report.
We provide a term sheet from the lender/investor and a good faith estimate of closing costs before moving forward with the loan application process.
Closing Costs can include following:
Origination fee, documentation/underwriting fee and credit report – all paid at close of escrow to the investor/lender funding the loan. Broker fee paid to IGR Mortgage Services.
Escrow fee and recording costs paid to title company.
Title Policy paid to title company.
Servicing Setup fee plus monthly fee paid to loan servicing company, if applicable.
IGR Mortgage Services does not service the loans.
IGR Mortgage Services does not warehouse loans or keep loans for re sale.
Most of our loans have a specific due date (balloon payment) and may not be extendable past the due date. There is no guarantee that the lender will extend the term of the loan.
These are Non Owner-Occupied Loans, Bridge Loans, Construction Spec Homes or Commercial Investment Loans.
Many of our loans have monthly payments that are interest only (IO), which means there is no principal reduction to the loan during the term of the loan.
Loans may have a prepayment penalty or a minimum time commitment.
We consider credit score to determine loan possibilities. Poor credit will usually result in higher interest rates and a higher down payment (equity) however we consider mitigating factors, if any.
Borrowers with outstanding judgments, tax liens or pending litigation would have to be settled before close of escrow to qualify for any of our loan programs.
Any third party costs/fees or services you pay directly are your responsibility. If the loan is denied for any reasons, IGR Mortgage Services is not responsible for refunding any of the costs/fees or services pay directly by you.
IGR Mortgage Services is a Hard Money Mortgage Broker who will work for you to provide you with the best possible rates and terms. Underwriting is fast and easy; with closing is just a few days in most cases.
Mortgage rates could change daily. Actual payments will vary based on your individual situation and current rates. Terms and conditions of all loan programs are subject to change without notice.
On-Line Submission Requests
Protection of your personal information
IGR Mortgage Services, a division of Encore Holdings, Inc.
52 Galen St
Lake Oswego OR 97035
email: [email protected]
Scott E. Shankland, President-Owner.
IGR Mortgage Services has been providing investors with hard money loan options for over 30 years. We offer Fast & Affordable financing. for investors of every experience level. Call today to or send us your loan scenario to review!