ROCK EAST GROUP LOAN PROGRAM
With over twenty years’ experience in lending to active investors, Rock East Group has established itself as the premier private lender in the NY Tri-state area and Florida. Our enormous resources have enabled us to fund more than 10,000 loans aggregating more than $1 billion. When the time comes, we will always be ready to fund your loan. Check out our Acquisition & Renovation Loans, as well as our Commercial Loans.
Terms
The loan is for one year, interest only, payable monthly (ACH is available). The loan can be prepaid at any time without penalty. At our discretion, the loan can be extended for two six month periods. We will lend 80-90% of purchase, renovation and construction costs.
Appraisal
Each property must be appraised by one of our approved appraisers. We work very closely with these appraisers and they understand the goals of the investor and the quick turnaround time we require to complete our underwriting. Our investor is responsible for the appraisal fee.
Closing
Our attorney will travel to the closing. The investor will be responsible for all closing costs (title charges, lenders attorney fees, points, etc). We will provide the investor with a funding sheet at least 24 hours prior to closing to show funds available at closing. The investor will execute the loan documents at closing.
Requirements
Our investor must be an LLC or Corp. All members or shareholders will be required to sign a personal guaranty. We must have a first lien position on any property we fund.
Payments
Interest payments are due each month the loan is outstanding. Interest is calculated on a daily basis and an invoice will be sent to the investor on the 23rd of each month. All payments will be made to our third party servicer.
Payoffs
When requesting a payoff you simply contact us and we will have one sent to you. We accept wires or bank transfers.
