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

Our broker network and referral policy:
The majority of our deal flow originates through mortgage brokers, bankers, attorneys, accountants and other related transaction intermediaries such as auctioneers, appraisers and environmental consultants.  In all cases, if the third party does not have a direct relationship with the borrower we will protect their fee at our closing.

NORTHBOROUGH IS A DIRECT LENDER FOR A VARIETY OF PURPOSES INCLUDING THE FOLLOWING:

Bridge Loans

A bridge loan is a short-term loan which acts as a "bridge" loan for a borrower who typically is in the process of refinancing between one conventional loan to another. A bridge loan is useful when a borrower needs financing for a short period of time where obtaining a long term conventional loan with a fixed rate doesn't make sense (i.e. sale of the property is imminent) and in instances where there will be an extended period of time before a conventional lender is ready to close on a new loan. The typical maximum loan-to-value allowed on a subject property/collateral is 60-70%. Lenders will often require documentation that the property is under agreement to be sold or that a commitment letter has been issued from a conventional lender.


Construction/Renovation Loans

A commercial investor/rehabber can use a private loan as a lending tool for financing when he/she only plans on holding the investment property until the construction or rehab work has been completed and the property goes to sale. A construction loan will typically be disbursed in increments as a borrower needs funds to complete construction of the property. Once a property has been constructed and/or renovated and sold for a profit, the loan with the private lender is paid off in full or gradually in consideration of a private lender partially releasing some of the collateral. The typical maximum loan-to-value allowed on a subject property is 60-70% with disbursements made to a borrower pursuant to the terms and conditions of a construction holdback agreement signed at closing.


Commercial Refinances

Commercial refinances allow a borrower the option and necessary time to: complete a transaction, obtain long term permanent financing or sell an asset to pay of an existing obligation. It is often a useful investment tool as it can quickly generate additional working capital for other projects. The typical maximum loan-to-value allowed on a subject property is 70%.


Purchases

A private loan can be used to purchase real estate when a borrower fails to meet conventional bank standards or does not have time to wait for a conventional lender's notoriously slow underwriting and closing process. Private loans for purchase allow for borrowers with low, bad or no credit to acquire property. The typical maximum loan-to-value allowed on a subject property not purchased at a foreclosure sale is 70%. The typical maximum loan-to-value allowed on a subject property purchased at a foreclosure sale is typically 50%. Loan terms are from 1-2 years.


types of loans:

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