Georgia Private Loans is an Atlanta-based private lending company that focuses on short-term loans secured by real estate. Our clients utilize our loans, often referred to as
"bridge" or "hard money" loans, when timing is a critical economic issue.
We are a direct lender and will not broker your deal out. There are no unfront fees.
We are able to fund our loans within days. The fastest turnaround that we have had is we got the request early in the morning and by 3pm we were closing the loan. Please be courtesy and give us as much time as possible but if we need to turn on a dime for our customer then we can do this.
We offer two significant advantages over banks and other financial institutions: speed and flexibility. We will have your loan underwritten within 24 hours instead of 24 days at a normal bank.
Underwriting complete within 24 hours of submittance of required documentation. 2 Day Closings.
We only make loans on non-owner occupied residential real estate.
Loan terms vary - deal by deal but the minimum parameters are the following:
1. Loan Amounts - from $20,000 to $5,000,000.
2. Security/Collateral - First mortgages on real estate. We will also cross collateralize with other real estate that is owned free and clear. It must be a first mortgage.
3. Maturity - 1 year interest only loans. No prepayment penalty
4. Loan Origination Fee - Minimum 6 points loan origination fee with a minimum fee of $4,000.
5. Interest Rate - Minimum 16% interest rate per annum, interest only
6. Commitment Fee - NONE - Borrowers will need to pay a $350 fee to our closing attorney to begin the title search once we have give the borrower underwriting approval.
7. Guaranty - we require personal guarantees on all loans
8. Loan to Value - Never more than 65% - Borrowers to have a downpayment of between 25% to 50% of the purchase price if they are purchasing a property. We do not provide funds for the rehab or construction.
9. Closing Requirements include using our attorney, title insurance and property insurance issued by our preferred carrier
10. Our lending slogan: Our loans are cheaper than a partner
We welcome Real Estate and Mortgage Brokers!! For example, last week a mortgage broker referred me a deal that was denied because of borrowers credit score. I approved the loan with a 25% downpayment and paid a referral fee to the Mortgage Broker.
How to get started?
Pick up the phone and call 404.229.8004 or Email Sam@StinnettHoldings.com (Best) or Info@hardmoneyloansatlanta.com
No documentation or Appraisals are necessary. We will require a signed contract before we will do a site visit to a property. All fees will be disclosed on the front end so that you are assured of a simple closing and no misunderstandings.