How our loans work
Q. How do you make your loan decision?
A. Loans to Purchase Property: We can loan up to a maximum of 50% or half of the purchase price of the property. You will need to have the other 50% cash down plus closing costs before we can help you. In addition, we don’t allow any seller carryback second position financing. Our minimum loan amount is $25,000 and our maximum is $250,000.
Equity loans/Refinance loans: Our loan decision is based primarily on your Oregon real estate equity, not your credit or income. Basically, if you have a reasonable plan to repay the loan and sufficient equity, you’re approved! We can loan a maximum of 50% or half of the value of your property. For example, if your property is worth $100,000, we can loan $50,000 or half of its value. Out of the $50,000, we will need to pay off any mortgages or liens against the property, as well as the costs of the loan. You receive a check for the remainder. Our minimum loan amount is $25,000 and our maximum is $250,000.
Please note: We only make loans for business or investment purposes.
Q. How do you determine my property value?
A. We review comparable sales of properties similar to yours to determine its current market value. We will also inspect your property to assess its general condition and appearance. In some cases, we may order an appraisal if we feel it may be helpful in approving your loan request.
Q. Our credit is not so good. Is that a problem?
A. Your credit is not important to us. We are equity lenders and consequently do not have to qualify you from a credit standpoint. That’s why we’re a natural choice for so many Oregonians who don’t have the credit the banks require. We know that many times a poor credit rating can be temporary and may result from circumstances beyond your control. Our equity-based loans are a real service to our customers, providing them with ready money when they need it.
Q. What types of property do you loan on?
A. We loan on any type of property, including lots and acreage, mobile and manufactured homes, residential, construction loans, commercial, industrial and rental properties. (We don’t loan on mobiles in a park.)
Q. What are your rates and terms?
A. Our interest rates and terms are very competitive for the services we provide. Since our rates vary depending on several factors, we encourage you to call us for a quick quote over the phone! 1-888-477-0444.
Q. Will I have to pay a penalty if I pay off early?
A. No! There are no penalties for paying off your loan early.
Q. Ok, so what’s next and how long does it take?
A. It takes about ten days for you to receive your money. Just pick up the phone and call Rachel at 1-888-477-0444. Over the phone, she’ll give you an idea of how much we can loan on your property and what your payment will be. If you decide to go ahead, she’ll ask you some questions, get a few pictures of your property, order a title search and we’re done! There’s no paperwork to complete. Within a week, we’ll overnight your loan papers to your local title company. Just go in, sign, and you’re done! Your loan funds are sent from Roseburg and can be mailed to you or, if you wish, wired directly into your bank account.
Q. You’re in Roseburg, Oregon. Do we have to drive to Roseburg?
A. No! Your papers will be sent overnight to your local title company. When they arrive, the title company will call you to make an appointment to sign your papers at your convenience.
Questions we didn’t answer?
If you have more questions or just want to talk to a real person, call us at 1-888-477-0444 and ask for Rachel.
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Gregory M. Russell has been servicing all of Oregon since 1982. We have many satisfied loan customers who attest to the high level of committed lender service that has made us a hallmark in the industry.