Montegra has developed a creative way to finance purchases made by those buyers who are able to purchase an improved income or multi-family property for less than market value.
With our innovative private capital lending program, we are able to do what banks cannot do. If the appraised value of your purchase comes out higher than your purchase contract price, we can elect to use appraised value to set our loan amount.
For example: You put a multi-family property under contract for $1,000,000 but our appraiser values this property “as is” today at a value of $1,200,000. A bank will fund a loan of a maximum of 80% of purchase price, and is not able to use appraised value. Bank loan = $800,000.
Because we use private capital to fund our loans, Montegra may elect to use the $1,200,000 appraised value to make a loan of up to 70% of appraised value. In this case Montegra’s loan = $850,000. This is an example only and each individual loan request must be evaluated on its own. However, in many cases using our creative hard money loan program we can fund an acquisition loan for a higher amount than a bank or institutional lender!
Land acquisition loans may qualify for this program on a case by case basis with a maximum loan to value of 60% of appraised value.
