FAQ
The Answer...
Ground Up Construction, Condominiums, Single Family Residences*, Land, Industrial, Multi-Family, Retail, Office, Mixed Use Projects
What kind of collateral do you lend on?
1
As to our residential* transactions, we lend throughout the State of Florida, with a large volume concentrated in Miami-Dade, Broward and Palm Beach Counties. Commercial transactions are consummated anywhere in the continental U.S., with our primary focus in Florida and throughout the East coast.
Where do you lend?
3
What defines a private loan?
A private loan/mortgage is a loan secured by real property, where the lender relies on the value of the collateral as the basis for making the loan. UPL seeks to provide ‘private lending’ options to clients in need of custom and timely financing solutions.
2
Our borrowers are individuals, corporations, LLC’s seeking shorter duration or ‘bridge’ loans for a plethora of different reasons such as: Tight timeframe to close a transaction, borrower’s inability to demonstrate stringent income requirements for a traditional bank loan, foreign nationals who don’t qualify for traditional bank loans, borrowers/developers who prefer non-traditional financing methods as an alternative to more expensive ‘equity’ contributions and borrowers who have credit issues/past foreclosures/bankruptcy filings.
What is your typical borrower profile?
4
Our typical loan term is twenty-four (24) months, with options to extend, based on refreshed underwriting/current standing of the loan. Ground up construction loan terms are typically less, with an average of fifteen (15) months.
What do your typical loan terms look like?
5
UPL services all of our loans in house. We offer borrowers streamlined payment options, mail monthly coupons and provide our clients with clear accounting records, as well as needed year-end tax reporting information.
Do you service your loans in house?
6
Upon receipt of and preliminary approval of a specific financing request, UPL will review internally and issue a term sheet within 24-48 hours of our initial analysis. Once a loan is in this stage of the approval process, we will seek a full loan application and engage outside counsel to represent the lender in this transaction. We then conduct our requisite due diligence items to determine if the loan meets all the predetermined approval criteria. We typically can close a transaction within fourteen (14) days after receipt of an application.
What is your underwriting criteria/timeframe to close a loan?
7
The Lender typically charges an administrative loan processing fee starting at $1,295 to close a loan, along with negotiated origination fees as low as 2%. Other than the usual and customary promulgated closing expenses (doc/mortgage stamps/recording fees, etc.), a borrower will also incur legal (outside counsel) expense for loan doc preparation/title review, etc. Lender will also order the necessary 3rd party reports i.e. appraisal, survey, environmental, etc. All of these expenses are direct pass-through to the specific vendor, paid by the borrower on or before closing.
What are typical loan costs associated with closing a transaction?
8
Based on our operational capacity, there are many laws and provisions limiting the type of loan we can consummate. As such, we do not lend on primary/owner occupied residences.
Why don’t you lend on primary (residential) residences?
9
Our typical loan term is twenty-four (24) months, with options to extend, based on refreshed underwriting/current standing of the loan. Ground up construction loan terms are typically less, with an average of fifteen (15) months.
What do your typical loan terms look like?
5
UPL services all of our loans in house. We offer borrowers streamlined payment options, mail monthly coupons and provide our clients with clear accounting records, as well as needed year-end tax reporting information.
Do you service your loans in house?
6
Upon receipt of and preliminary approval of a specific financing request, UPL will review internally and issue a term sheet within 24-48 hours of our initial analysis. Once a loan is in this stage of the approval process, we will seek a full loan application and engage outside counsel to represent the lender in this transaction. We then conduct our requisite due diligence items to determine if the loan meets all the predetermined approval criteria. We typically can close a transaction within fourteen (14) days after receipt of an application.
What is your underwriting criteria/timeframe to close a loan?
7
The Lender typically charges an administrative loan processing fee starting at $1,295 to close a loan, along with negotiated origination fees as low as 2%. Other than the usual and customary promulgated closing expenses (doc/mortgage stamps/recording fees, etc.), a borrower will also incur legal (outside counsel) expense for loan doc preparation/title review, etc. Lender will also order the necessary 3rd party reports i.e. appraisal, survey, environmental, etc. All of these expenses are direct pass-through to the specific vendor, paid by the borrower on or before closing.
What are typical loan costs associated with closing a transaction?
8
Based on our operational capacity, there are many laws and provisions limiting the type of loan we can consummate. As such, we do not lend on primary/owner occupied residences.
Why don’t you lend on primary (residential) residences?
9
FAQ
The Answer...
The following asset classes provide collateral for our loans: single family homes (spec allowed), townhomes, 2-4 units, multi-family, condominiums, retail and industrial properties.
We specialize in ground-up construction, high-end fix/flips and short-term bridge loans.
What kind of collateral do you lend on?
1
Because of our presence and extensive knowledge of the Florida real estate market, we limit our lending to the State of Florida.
What area do you lend in?
3
What defines a private loan?
A private loan/mortgage is a first lien secured by real property, where the lender relies on the value of the collateral as the basis for making the loan. Universal Private Loans seeks to provide lending options to clients in need of custom and timely financing solutions, for business purpose loans only.
2
Our borrowers are LLC’s, Corporations, Partnerships, and/or Trusts, seeking shorter duration ‘bridge’ loans for a plethora of reasons such as: tight timeframe to close a transaction, borrower’s inability to demonstrate stringent income requirements for a traditional bank loan, foreign nationals who don’t qualify for traditional bank loans, borrowers/developers who prefer non-traditional financing methods as an alternative to more expensive ‘equity’ contributions and borrowers who have past credit issues, foreclosures/bankruptcy filings.
What is your typical borrower profile?
4
Our typical loan term is based on the size and type of project and is for a period of 12 - 24 months (with extensions available), based on refreshed underwriting/current standing of the loan. Ground up construction loan terms are typically less, with an average of fifteen (15) months.
What do your typical loan terms look like?
5
Universal Private Loans underwrites and services all loans in house. All inspection draws and disbursements are managed internally.
We offer streamlined payment options, and provide our clients with clear accounting records, as well as year-end tax reporting information.
Do you service your loans in house?
6
Upon receipt of a preliminary approval of a specific financing request, Universal Private Loans will review internally and issue a term sheet within 48 hours.
Once a loan is in this stage of the approval process, we will seek a full Loan Application. We then conduct our requisite due diligence review to ascertain if the loan meets all predetermined approval criteria. We then engage outside counsel to represent the lender in the closing of this transaction. Universal can typically close a loan within fourteen (14) days after receipt of a formal Loan Application and required due diligence material.
What is your underwriting criteria/timeframe to close a loan?
7
The Lender typically charges an administrative due diligence / loan processing fee starting at $1,295 to close a loan, along with negotiated origination fees as low as 2%. Other than the usual and customary promulgated closing expenses (doc/mortgage stamps/recording fees, etc.), a borrower will also incur legal (outside counsel) expense for loan docs and title review, etc. Lender will also order the necessary 3rd party reports i.e. appraisal, survey, environmental, etc. All of these expenses are direct pass-through to the specific vendor, paid by the borrower on or before closing.
What are typical loan costs associated with closing a transaction?
8
Based on our operational capacity, there are many laws and provisions limiting the type of loan we can consummate. As such, we do not lend on primary/owner occupied residences, or loans for the construction of a residence on land upon which a borrowers personal dwelling will be constructed.
Universal Private Loans lends on investment / business purpose properties only.