The Managed Mortgage Investment Fund II, LP and Mortgage Note Investments LLC provide short term private mortgage financing (hard money loans) secured by investment real estate. We provide these loans to be used for the acquisition, rehabilitation and equity cash out of commercial properties in Texas and Arizona.
We are able to close most loans in 2 weeks or less versus the 10 weeks or more institutional lenders require to close and fund a commercial mortgage loan. Further, our loans are asset based; the real property itself is the basis of our lending decision. Hence, if a property is producing or can produce sufficient income to pay our note and the value of the property will fully secure the note and provide sufficient equity, then the borrower's credit is not an issue. Instead of concentrating on minute detail of the borrower's credit history as institutional lenders do, we concentrate our due diligence efforts on the real estate securing the loan. We provide the professional real estate investor with the ability to borrow on underwriting criteria not available through institutional lenders. No credit check or detailed application forms are required and we can usually render a decision in 24 hours.
We lend up to 55% of appraised value with no seasoning requirements and no minimum investment required on the part of the borrower. Our loans are interest only, paid monthly and due in one year, renewable for a second year. We make 1st liens, with interest rates of 15% - 18%. No application fee or other costs are due up front; our fee is 6 - 10 points at closing.
If you are interested in utilizing our private money mortgage for the purchase, rehabilitation or equity cash out of investment property, or would like more information, please do not hesitate to contact me a (832) 577-8838 or email me at dkonipol@yahoo.com
MANAGED MORTGAGE INVESTMENT FUND IS A TRUE DIRECT LENDER. A TRUE DIRECT LENDER HAS FUNDS AVAILABLE WHEN YOU CALL. THERE ARE NO INVESTORS TO REVIEW THE LOAN A SECOND TIME, AND THE PROCESS AND TIME CAN BE EXPEDITED BECAUSE THE TRUE DIRECT LENDER IS LENDING HIS OWN MONEY, NOT SOMEONE ELSE'S.
Hard Money Loan - A loan that is underwritten with the condition and value of the property as the primary criteria for approval. Secondary issues may include the ability of the borrower to repay the loan and/or the ability of the borrower to manage the property or successfully complete a rehab and sell the property. Owner occupancy, debt ratios and other issues are seldom a factor. Appraisals are another key benefit. These loans are usually approved within days and are often funded in two weeks or under with times as short as two or three days not uncommon. The cost for the benefits of speed of funding, lax underwriting and other advantages is typically a moderately high interest rate (usually low to mid teens) and high points (usually 5 to 10).
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