Olympia Mortgage Services has been in business for over 35 years. In that time, we’ve been asked a lot questions. Here is a collection of our most frequently asked questions and answers.
Frequently Asked Questions About Our Loans
Start by asking yourself the questions on our homepage, then filling out our application form. We will call you within 24 business hours of receiving your application.
Absolutely, as long as the bankruptcy has been discharged.
No. There is no requirement for US citizenship on any level.
Our smallest transaction is $20,000.00 and the largest is $20 million.
Each loan scenario is different, but most loans to qualified borrowers can fund within 15-30 days after application. In some cases, we’ve funded loans in as little as (2) two weeks. However, if you are using your personal residence as collateral, federal law requires more due diligence resulting in funding within 30 days or more.
Each loan has a unique combination of purpose, borrower, and investor. Therefore, interest rates vary from loan to loan. But as a rule of thumb, our investors expect to earn anywhere between 10.0% and 12.0%.
Each loan is different, and in some cases, no, a down payment is not required.
Each scenario is different. In some cases yes, but in other cases no. Depending on the private lender and how we structure the loan, it could be anywhere between zero and 40% down.
No, you will receive at closing a payment letter along with an amortization schedule. The payment letter will provide you with who to make the payments payable to as well as where to mail the payment. The amortization schedule will provide you the exact amount of money each month that goes towards the principal and interest. It will also give you the exact principal balance each month after the borrower makes the payment. Lastly, the schedule will provide you with yearly totals of principal and interest so you can submit to the IRS the interest you have paid each year if you elect to deduct it on your tax returns.
Each lender is different. Most of them accept a traditional check mailed to their house or Post Office Box. However, there are a few who accept wires, bank transfers, bill pay, Venmo, ACH deposit, money orders, cashier’s checks, Zelle, Cash App, internal transfer.
It depends on the private lender. Each lender set his or her own terms but it is customary to pay a small penalty if the loan is paid off within the (1) first year. Small is defined as 2.0%, however if the collateral is the primary residence of the borrower, federal law prohibits any penalty whatsoever.
In most case yes, the net proceeds the borrower can use the funds for anything he or she likes. However, if the collateral is the homestead property of the borrower and the debt-to-come ration exceeds the federal limits, the borrower may need to pay some or all of their debt to bring them back into a qualifying debt ratio.
Yes to both! Olympia Mortgage arranges for loans on a several types of Mobile and Manufactured Homes.
In most cases, yes. However, if the loan-to-value ratio is too high, then the borrower needs to either pay them outside of closing or receive less net proceeds.
Just tell the individual who is assisting you with your file of your desire to apply for multiple loans. You can file another application while another application is in process. We can and have worked on multiple loans simultaneously.
Frequently Asked Questions About Our Company
Olympia Mortgage Services Inc. was formed on April 5, 1989. Therefore we’ve been in business continuously for over 35 years.
We are licensed as a Mortgage Brokerage Business.
We can but it is not our forte. Florida requires us to hold a license in each state we transact business. Thus far, we are licensed in Florida only. However, there is an exception. We can fund loans in other states as long as the property’s zoning is commercial and the borrower owns the property in an entity and not in his or her individual name.
In addition, most my private lenders prefer to lend within the State of Florida because they are more familiar with the collateral being pledged. Also, in order to persuade a private lender to lend outside the State of Florida, the transaction must be a larger transaction. Most private lenders do not want to incur the cost and time of traveling to different states if the transaction is small. I would estimate a loan size of $1 million or more to justify a private lender to lend outside of Florida. This also applies to loans outside the United States.
Our company does not personally service any loans, all payments are made payable directly to the lender and mailed directly to them as well. These loans are rarely sold and the private lenders usually collect the payments themselves until the end of the term.
Yes, it could be. But in all cases, it would be sold to another private money lender with the same terms and conditions you had with the original lender.
Frequently Asked Questions About Private Lending
Private money lending means the funds come from private investors, not from banks or other types of financial institutions. For more information, read our blog on private money lending.
The primary benefits include:
- Quick Approvals and Closings and Common Sense Underwriting.
- We look past credit history and focus on a borrower’s equity and some times loans can be based on stated income.
- We may be able to accept non-traditional forms of income verification.
- We fund legitimate businesses in ALL industries as long as real estate is part of the deal.
For more information, visit our services page.
If you want a more detailed answers to any of these questions, or have another question that is not appearing in these frequently asked questions, call us or send us a text message. If you’d prefer to use our contact form, just head over to our contact page.