Maggio Capital Funds Within 7 Days After Pre-Approved

Maggio Capital, Inc., a San Diego-based licensed broker, is a small business that sets up and underwrites private, short-term, hard money loans.

SD, CA (prHWY.com) July 26, 2012 - Maggio Capital, Inc., a San Diego-based licensed broker, is a small business that sets up and underwrites private, short-term, hard money loans. They are one of the leading commercial, private, and residential hard money lenders in San Diego, California. Licensed by the California Department of Real Estate and the National Mortgage License system, Maggio Capital acquires loans for non-owner occupied residential and commercial properties located in the entire state of California, but based mainly in coastal and metropolitan areas. Hard money loans, an asset-based loan financing, and issued by private investors or companies, are secured by the value of a plot of real estate. Being a figurative bridge between potential borrowers and investors, Maggio Capital takes every opportunity to assist brokers and investors looking to expand their portfolio by investing in real estate options.

Traditional lending sources, such as banks, credit unions, and insurance companies, have understandably become very conservative in these unsure economic times. Because Maggio Capital is a smaller business, they are not bound to rigid approval requirements and policies; they are exclusively concerned with equity in the property, and the borrower's ability to attend to the debt, and repay the loan. Being straightforward, Maggio Capital will inform potential brokers, by the initial phone call or e-mail, if the scenario fits into their parameters, and will submit the pre-approval letter within the first 24 hours, and can fund as quickly as 7 days. They are usually able to provide same-day loan proposals for most hard money loans; especially to borrowers that have a considerable cash down payment or investment property equity in California, and their common-sense approach to underwriting often results in a fast close.

In submitting a loan application, there are a few forms that must be submitted, including 1003 Loan Application, Loan Purpose Declaration, Loan Summary, Preliminary Title Report, Credit Report, and Appraisal. Though there are Origination fees, typically falling between 2-4 points of the gross loan amount, and Brokers fees, Maggio Capital never charges advance fees upon initial contact. Calculated into the fees are the type and quality of the property, its location, loan term, loan-to-value, and finally the borrower's credit worthiness, and all broker fees are paid at closing, and are directed straight to licensed real estate brokers.

The broker determines the hard money loan Repayment Terms, but as a short-term loan, the typical loan is for 12-18 months and requires interest-only monthly payments until a balloon payment due at maturity. Maggio Capital is ready and willing to work with and assist brokers and investors in their quest to invest in profitable real estate.

Maggio Capital, Inc.
www.maggiocapital.com

###

Tag Words: hard money lender

Categories: Business

Press Release Contact
322 8th Street, Suite #105, 92014
(855) 779-1447

Link To This Press Release:

URL HTML Code