What happens in a year if we need more time to complete our business and our loan is maturing with Larry the Lender?
While our loans usually mature in one year, we will consider extending the note for a year for an additional three points. If a customer needs just a little more time, we will usually extend the note for one point for a three-month extension. Larry will only extend loans for customers with excellent pay history the first year.
Does Larry the Lender require surveys?
Yes. Long Answer: Existing surveys are often acceptable. Title companies require surveys in order to provide title insurance to lenders for possible encumbrances on title due to encroachments, boundary issues, easements, etc. Surveys also provide confirmation that the physical address and legal description represent the same property. Surveys protect both the borrower and lender.
For what property types does Larry the Lender make loans?
Larry the Lender makes loans on all property types with the exception of owner-occupied primary residences.
Do we have to maintain property insurance for the loan amount?
Insurance is required for all property with structures. Larry takes into consideration the value of the land and does not require you to insure the land. A Flood Certificate will determine whether Flood Insurance is needed.
Where does Larry the Lender do business?
Larry makes loans on real property in the greater Houston and Austin Metropolitan areas.