Conditions and Terms for Brokers
Broker Submitted Loans for California Trust Deeds
Minimum loan amount is: $10,000
In Most Cases 24 hr Commitment and 4 Day Funding
Thank you for your interest in submitting a loan for our consideration.
We are confident that you will be satisfied with our loan programs, which are designed to be competitive and flexible. Our staff will provide consistent underwriting, quick turnaround time, and superior customer service.
Most importantly, we will provide you with the tools you need to serve the special needs of your customers. Your account executive will help get your needs met, however, if there are ever any issues which you feel need to be addressed, please do not hesitate to contact us.
Commercial, residential, mixed use, industrial, multi-family, churches and from time to time, we have made loans on land too. Service is our trademark and we have made many borrowers very happy by performing as promised.
We will consider any solid, "makes sense" private investment for a 1st, 2nd Trust Deed on real California property.
A complete and signed 1003 application, current tri-merged scored credit report (or signed Signature Authorization with SSN), Dec Page of hazard insurance policy, and property profile are required for basic submission. Purchase loans require a signed copy of purchase contract. Do not inquire if your borrower refuses a credit report -- our investors do not care about the scores, but do care about potential future liens that can be levied against the property, such as back-owed taxes and judgments. This makes good sense and is within the right of any sensible private investor.
Ownership & Vesting:
For refinance loans, proof of borrower's identity is required via a copy of borrower's valid driver license. Property must be vested in same name as applicant(s), and co-owner(s) must be on the new loan or quitclaim deed off title.
New construction, finish loans, and rehab loans require documentation of accepted or pending approval, plans, permits, blueprints, and future value appraisal for consideration. Without this documentation, your borrower must own and agree to cross-collateralize other acceptable REO with sufficient equity and proper LTV to secure the loan -- no exceptions. OK to submit with a pending future value appraisal.
Acceptable raw land, and/or land in rural areas require a current appraisal for consideration -- no exceptions. Not all private land loans in all areas are accepted, and cash out may be denied, limited and/or restricted to certain usage. A future value appraisal is required for all construction, finish, and rehab loans. An appraisal may also be required for other property types at our investor's discretion (see # 2 under "Investor Rights" below).
Upon pre-approval of your loan, we will provide you with a Good Faith Estimate, and your borrower must provide us with a matching signed Good Faith Estimate from you that includes all fees relevant to the transaction prior to docs -- no exceptions. We reserve the right to confirm the acceptance and endorsement of the GFE by your client.
Right of Acceptance:
We reserve the right to refuse acceptance of loans that have been shopped extensively, do not meet our investor's criteria and Investor Rights (below), do not "make sense", or are not sufficiently documented to validate the loan sought. In addition, we will not accept loans from "broker chains", or from individuals acting "on behalf of" the real property owner without a legal and documented Power of Attorney.
Zero Fraud Tolerance:
Loan submissions found to be fraudulent in whole or in part will be reported to the proper authorities, including the CA DRE or CA DOC.
Call 1-800-504-0100 Today for to discuss your clients' loan needs or fill out the Loan Submission Form to see how we can help your clients' situation.
Real Estate News[an error occurred while processing this directive]
Lantern Financial Sponsors
"A Divine Gift" !
Lantern Financial and their team can be defined in these terms.
Our Ministry financial needs were pressing and immediate; and the means to continue an extensive building project where great but incomprehensible to conventional lending institutions.
Conventional Banking was insensitive to our needs, schedules and showed little understanding of Church operations and needs. This is where Lantern Financial excelled.
They are time sensitive and possess great understanding of Non-profits.
Lantern's financial Team met our total need and consolidated loans to meet our extended needs. We have not only a lender but a relationship with Lantern Financial.
Our Ministry is most appreciative because of Lantern's understanding, belief and working expertise. They are "A Divine Gift."
A . Turner, Pastor, and President
Covenant Worship Center Ministries