How quickly can Savvy process my loan?
If the property is in California we can provide you with a 24-hour commitment response. Once we have seen the property and interviewed the borrower, we can provide loan documents within 72 hours. We only will do this, however, in special circumstances. Normal time required for loan underwriting, processing, and documentation, from signing the Letter of Interest that outlines the loan business terms, is 7 to 21 days.
If the property is outside of California, the process will be concluded within 21 to 30 business days.
Will Savvy negotiate interest rate and points?
Our interest rate and points quoted depends on the property type, loan-to-value, loan term, borrower profile, investor profile, and real estate market conditions.
What is the loan-to-value (LTV) ratio?
It is the total amount of property debt divided by the appraised value. The total amount of property debt would include all existing loans plus our proposed loan amount. The lower the LTV the more attractive the loan becomes to our investors. The maximum LTV that we will lend on a property is 75% of its appraised value. We will consider a property with a greater than 75% LTV if the borrower will provide additional properties as collateral to secure our loan.
Can Savvy help provide permanent financing after providing a bridge loan?
Yes. We can help you secure permanent financing through one of our many conventional banking relationships. If you were introduced to us by a mortgage broker when you completed your loan, we will recommend that you contact your mortgage broker to assist you in finding permanent financing.
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