Five Core Values
1. Speed. Rapid responses and expeditious closings are critical to real estate owners and investors. Typically, Montegra responds to loan inquiries the same day on which they are received. At Montegra, our goal is to close loans in weeks rather than months.
2. Flexibility. Montegra has no rigid rules on debt service coverage, vacancy rates, property types, or the other bank requirements that create road blocks to getting loans approved and underwritten. Instead, Montegra works to structure private money loans so that they help borrowers achieve their goals rather than holding them back or fencing them in.
3. Fair Pricing. Montegra maintains loan costs, both interest rates and fees, at the lowest end of the hard money loan spectrum. Montegra’s current rates for hard money loans on improved income properties are between 10% and 11% payable interest only; land loans and non-recourse loans may require higher interest rates. Additionally, Montegra’s loan fees are fixed between 2% and 4%. Montegra’s loan terms range from six months to three years.
4. Minimal Red Tape. At Montegra, borrowers work directly with the decision maker. Montegra does not have a loan committee; full control of the money and of the decisions on what to fund is retained by Montegra at all times. In this way, Montegra strives to save our borrowers the expense and necessity of working through a broker by issuing loans directly from lender to borrower.
5. No Surprises. Montegra always provides an initial written term sheet outlining our loan terms upfront. If these terms work for our borrower, Montegra follows up by providing a detailed written Commitment Letter. Montegra will not change our loan terms once a borrower has committed to these terms.