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Industrial Loan Association |
6019 Tower Court |
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First Mount Vernon is a privately-owned, equity-based lender which specializes in lending to borrowers who require fast closings and/or have credit issues. Loans are usually funded within two business days from receipt of documents.
FMV funds bridge and medium-term loans that range between $100,000 and $1,500,000. We offer two loan programs; both have a maximum Loan-to-Value of 50% and repayment terms of Interest-Only, principal due at maturity.
BRIDGE LOAN: One year or less, 18% and 6 points, no prepayment penalty MEDIUM TERM: Up to a five-year term, 18% and 4 points, first year prepayment penalty (initially 12%, decreasing 2% every two months)
ALL LOANS MUST BE FOR BUSINESS OR INVESTMENT PURPOSES ONLY
Transaction types include: purchase, refinance, credit line, construction, renovation, project completion and bridge loan.
Most property types qualify, including: land, multi-family, single-family, condo and co-op, mixed use, office, warehouse, retail, convenience store, light industrial, gas station and special purpose.
FMV lends to individuals, corporations, LLCs, trusts & estates for properties the following states: Delaware, Maryland, District of Columbia, Virginia, North Carolina, South Carolina, Georgia and Florida. Click HERE to see examples of Recent Deals
Our lending process is simple and fast... • No seasoning requirements • No upfront commitment or processing fees • Minimum credit score 400 • Minimal documentation required • Combined Loan-to-Values to 105%
Loans typically funded within two business days upon receipt of completed package For an answer in seconds, click on our online Loan Qualifier below. If your loan qualifies, a commitment letter will be generated automatically | ||
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