Titanium Mortgage

 

Alternative Money - Loan Information

 

Types of Loans & Loan Amounts

 

TYPE                                                                                                  AMOUNT OF LOAN

Owner occupied 1 to 4 single family homes                                                                   70% of appraised value

Non-owner occupied 1 to 4 single family homes                                                           65% of appraised value

Builder new home construction loans                                                                             70% of appraised value

Investor loans to buy and rehab homes                                                                         70% of appraised value

Multi-family properties (e.g.: apartments)                                                                       65% of appraised value

Residential lots (in platted & recorded subdivisions)                                                   70% of appraised value

Commercial properties (office buildings, shopping

centers, churches, owner-occupied buildings, etc.)                                                       65% of appraised value

Residential lot development loans                                                                                    60% of appraised value

Unimproved properties                                                                                                       50% of appraised value

 

Maximum Terms on Commercial Loans

3 to 5 years on a 20-year amortization on all properties other than unimproved properties

3 to 5 years on a 10-year amortization on unimproved properties

 

Prohibited Loans

Outside of the Greater Houston area

Unsecured loans

Second lien (or any inferior liens)

Home equity loans

Night Clubs &/or Bars

 

Interest Rates & Fees

From Wall Street Prime plus 2% up to 18% depending on credit, equity and the borrower’s ability to service the debt. (Minimum 1% origination fee and 2 points are required depending on the type of loan and/or the terms). The borrower must pay normal costs as required for any real estate loan: e.g.: appraisal fee, survey, title policy, loan document preparation and other normal closing costs.

 

Documentation Required

An appraisal (ordered by Titanium Mortgage)

Phase One Environmental Study (on commercial properties)

A blue-line survey

Loan application (Fannie Mae Form 1003)

Borrower’s most recent two years Federal Income Tax Returns

Monthly Cash Flow Statement (request sample statement)

Proof of identification (driver’s license or other acceptable personal identification)

Other documentation may be required depending on the type of loan requested

 

Additional documentation for construction and rehab loans

Complete set of plans

Line item budget including a 10% contingency line (request sample budget)

Specs (flooring materials, finishes, countertops materials, lighting & plumbing fixtures, etc.) (request sample specs)

 

Loan Qualifications

Titanium Mortgage lends strictly on the value of the property and the borrower’s ability to service the debt. Bad credit, bankruptcy, etc. is not a concern.