Rates starting at 9.5% with 1.5% loan origination fee
Rates starting at 10% with 2% loan origination fee
Loan Amounts: $100,000 to $3,000,000 for residential properties and up to $7,500,000 for multifamily and commercial
Loan Term: 6 to 12 months with extensions available
Lien Position: 1st Deed of Trust only
Location: Arizona, California, Colorado, Texas, Utah, Washington and Oregon
Property Types: Non-owner occupied residential, multifamily and small commercial
Borrower Qualifications: Relevant experience, adequate reserves and good credit
Transaction Types: Purchase and refinance
Loan-to-Value: Loan amount not to exceed 60% of the ‘As Complete’ value
Since we are not brokers and loans are funded ‘in-house,’ decisions are made quickly and efficiently with limited documentation.
Orchard Funding will advance up to 1/3 of the construction budget prior to any work being done. Our program doesn’t work off of reimbursements. Unlike other lenders, construction can be entirely funded without coming out of pocket.
Some lenders may take 2 to 3 weeks to reimburse completed construction work, however, Orchard Funding will release construction draws within 3-4 business days upon request thus preventing constructions delays.
Orchard Funding does not charge any junk fees, typically referred to as Doc Fee, Processing Fee, Underwriting Fee or Fund Control Fee.
Orchard Funding saves the borrower money because interest is only charged on advanced funds, not on unreleased construction funds. We don’t have a prepayment penalty and only require 60 days of interest with our ‘no points’ loan program. We also do not charge any junk fees and our quick draw process on construction funds saves the borrower time and in turn, overall cost.
Orchard Funding is able to close within 7-10 business days with a pre-closing appraisal. Certain loans qualify for a post-closing appraisal or even no appraisal at all, allowing for a 2-3 business day closing. Appraisals are not required in the Phoenix Metro area, enabling funding in as little as 24 hours, including Trustee’s Sale purchases.
Upon receipt of the loan application, we will provide a detailed loan proposal, typically within a few hours.
Orchard Funding only needs a few items to issue a loan pre-approval: credit check, bank statement/source of funds, short description of experience and review of the preliminary project details.
The loan is ready to enter final underwriting when the appraisal is in, property insurance has been verified and the title commitment is ready. Final underwriting takes less than a day.
Once the loan documents are signed, we will be ready to fund and close your loan!