Private lending, loan purchases and real estate holdings since 1990​

14 Courthouse Lance, Suite 16

Chelmsford, MA 01824

Telephone: 978-934-9000

Fax 978-934-9004

kgillis@northborocapital.com

56 Pine Street, 3rd Floor

Providence, RI 02903

Telephone: 401-453-6870

Fax 401-453-6700

scottbadams@verizon.net

brief summary of typical loan terms:

Loan Size

$100,000 (minimum) to $3,000,000


Loan Term

6 to12 months (longer terms can be accommodated through extensions)


Amortization

Interest only, sometimes we will accrue points and/or interest payments until the note is due in full


Interest Rates

Between 12 -16% (rates vary on type of transaction)


Loan to Value

Up to 75 %. Higher LTV’s may require additional collateral be pledged


Origination Fee (aka Points)

 2-4% of the total loan amount


Prepayment Penalty

None


Commitment Deposit

A Commitment/Origination Fee Deposit will be required by the Borrower upon issuance of the commitment letter to cover Lender's up front due diligence fees and costs. This is not an additional fee and will be applied to the Borrower's closing and costs.


Due Diligence

Inspection/appraisal, internal review, title report - satisfactory in all respects to the Lender


Mortgage Position

First on primary collateral and possibly secondary on additional collateral


Broker Fees

When applicable a broker fee in an amount agreed upon by the borrower and broker (or other third party intermediary) shall be collected and paid at closing (typically 1-3%)


Closing

A closing will take place within approximately 7 days after the due diligence is completed