 |
| Minimum Loan
Amount: |
$100,000 |
| Maximum Loan
Amount: |
$1,000,000
($1,500,000 for Cabo San Lucas) |
| Maximum Loan to
Value: |
70% (By exception 75% with 700+ credit
scores) |
| Loan Term: |
30 years |
| Loan Type: |
3/6 ARM (loan is fixed for 3 years then
adjusts every 6 months). Start rate first 3
years 7.99%. |
| Index: |
6 month LIBOR |
| Margin: |
4.5% |
| Caps: |
The variable rate cannot be greater than the
initial rate +5% and less than the initial
rate on the loan. |
| Prepay Penalty:
|
3% of
loan if the financing is paid off for any reason
in the first three years. Borrower may choose to
pay 2% upfront to buy out the prepay penalty. |
|
