- Our loans must be backed by a first-position trust deed covering real estate (raw or improved) having at least twice the fair market value (as assessed by Waterford) of the funds advanced. We may require that owners or officers of the borrower provide personal guaranties to Waterford regarding repayment. Our loans are short-term, generally extending from 30 days to 6 months. Borrowers pay interest rates significantly in excess of the prime rate or other rates generally used as a basis for interest rates on loans by traditional financing sources such as banks and insurance companies. Late fees and increased interest rates apply in the event of overdue payments or other defaults.
- We generally rely only on the strength of the collateral in our credit analysis. In other words, we typically do not examine or rely on the creditworthiness of the borrower or its individual owners and we do not require the submission of lengthy applications. Accordingly, we are usually able to fund loans within 24 to 72 hours of a favorable analysis regarding the strength of the proposed collateral.
- Due to the quick maturity and high cost of our loans (as compared with loans from traditional financing sources), we recommend strongly that you use Waterford only after serious consideration of available alternatives and only when you have identified available sources of repayment.
- The primary collateral on our loans must be located in the United States. Most of our loans are made to borrowers located in the Western United States, but we are open to proposals from borrowers in other regions. Likewise, most of our loans are in the range of $100,000 to $3,000,000, but we are open to (and have capacity to fund) proposals requesting loans of other sizes.
- We close all of our loans in Utah, and, accordingly, all of our loans are governed by Utah law, except with respect to liens that are, by virtue of the location of the collateral, governed by the law of such location. The proceeds of our loans must be used for commercial purposes and not for any consumer, household or domestic purpose.
Please contact us should you desire any additional information regarding our lending programs.
Disclaimer:
This description of Waterford's services and capabilities is not a solicitation or offer to make any loan in any jurisdiction where or to any person or entity to which such solicitation, offer or loan would be illegal. Neither Waterford nor any of its officers or affiliates is a licensed or registered mortgage broker in Utah or any other state.
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