Loan Programs
Below is a list of our typical loan programs. However, we are always interested in looking at ANY deal. Remember, the people you are talking to in our Louisville office make the final decision. We are always making creative decisions to close the loans that our customers need. See our most recent closings.
Residential Loans | Commercial Loans | Typical Specification
Residential Loans
Residential First Mortgages
» Up to 80% Loan-to-Value
» Borrower income meet federal guidelines—owner occupied
» Rental income present or potential—non-owner occupied
» 6- to 24-month prepay
» 3-day rescission on owner occupied
Residential Second Mortgages
» Up to 70% Loan-to-Value
» 6- to 24-month prepay
» 3-day Rescission on owner occupied
» Typically used for renovations and blanket loans
Residential and Commercial Purchases
» Up to 80% Loan-to-Value
» Appraisal can be used for Loan-to-Value instead of price
» Some down payment still typically required, except in extreme cases
» Renovation money can be borrowed
» Draw schedule with inspections used
Commerical Loans
» Must Have Equity
» Personal Guarantee Required
» Reviewed Case by Case
Commercial Loans
» Up to 85% Loan-to-Value
» 12-to 24-month prepay
» Slightly higher rates
» Rate can be bought down at closing Assignment of rents required, if applicable
Development Loans
» Typically only take first position
» Significant down payment or land equity preferred
» Must approve plans and contractors
» Draw schedule with inspections used
Equipment Loans
» Higher interest rates than real estate
» Up to 60% LTV Loans made on:
» Farm equipment
» Construction equipment
» Manufacturing equipment
» Heavy Vehicles (dump trucks, tractor trailers, etc.)
» Large Autos (buses, limousines, etc.)
Agriculture Loans
» Crops (corn, wheat, tobacco, soy)
» Season yield at 50% market
| Typical Specifications | |
| Lending Area | Kentucky, Southern Indiana, Florida, Washington DC Metro Area, including Northern Virginia and Southern Maryland (other areas on a case-by-case basis.) |
| Loan Amount | $15,000 to $5,000,000+ |
| Loan Term | 30-Year Ammortization with One to Two Year PrePay Typical 2 Year Balloon on Homes Sold with Owner Financing |
| Interest Rate | 11% to 15%, fixed 4% to 7% on Homes Sold with Owner Financing* *These are homes that we have sold from our own inventory. |
| Credit Requirements | No Minimum FICO or Credit Score Approved on a Case-by-Case Basis |
| Origination Points | None |
| Closing Costs | Actual Appraisal, Title Insurance, and Closing Costs Learn more about closing costs. |
| Closing Time | Typically 3-7 days |
All of our loans are reported monthly to Trans Union. This improves our customers credit and increases their credit score. Learn more about our credit reporting process.
