Old North Capital Fund
Charlotte, North Carolina
Our Minimum Loan Amount Is
$65,000
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All cash private money lender in North Carolina. We are not connected to a bank whatsoever, so we do not do appraisals, credit checks, tax records or any formal inspections.
If the numbers make sense and we feel good about the necessary experience, then we fund it. We’ll fund up to 90% Total Costs (Purchase + Renovation) or 75% After Repair Value
To apply we need:
- Executed Purchase Contract
- Itemized Budget of Repairs
- Photos of Property
Property Geographic Area Details
Urban and suburban areas in Greater Raleigh and Charlotte, North Carolina.
Loan Amounts
$65,000 to $1,000,000
Interest Rates
9.99% to 13.75%
Max Loan-To-Value
75.00%
Max Loan-To-Cost
100.00%
Origination Fees
2.5% to 3.5%
Loan Terms
6 months to 9 months
Lien Position
- 1st
Loan Purpose
- Investment Acquisition
- Value Add Project
- Development Project
Property Occupancy
- Vacant
Property Types and Loan Types
Collateral Types
- Residential Property
Property Types
- 2-4 Units Residential
- Condominium
- Single Family Residence
Loan Types
- Private Money
- Hard Money
- Residential Bridge
- Residential Fix and Flip
- Residential Ground-Up Construction
Purchase Loan
Max Loan-To-Purchase Price
90.00%Borrower Must Have Property Under Contract
yesWill Provide Proof of Funds Letter
yesWill Consider Lending on Purchase from Auction
yesAllowed Source of Borrower’s Equity
- Own Cash
- Partner
- Equity in Another Investment Property
Construction Loan
Development Experience Required
yesMinimum Number of Ground-Up Construction Projects Completed by Borrower
1Max LTC for Ground-Up Construction Costs
88.00%Interest Charged for Construction Costs
Only on Funds DrawnWill Lend on Partially Completed Construction Projects
yesDetails and Requirements
Typical Closing Time (Days)
3Fastest Closing Time (Days)
1Works With
- Brokers
- Borrowers
Payment Structure
- Interest Only
Pre Payment Penalty
no
Will lend to a foreign national
yes
Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage
yesWill Consider Collateralizing Multiple Properties in One Loan
noWill Consider Equity Joint Venture
no
Borrower Entity Types Considered
- LLC
Appraisal Required for Residential Property
NeverBroker Price Opinion (BPO) Accepted for Residential Property
AlwaysFees
Legal Fee
This is a standard third party attorney fee that is not associated with our loan. Whatever the attorney charges to close the property.
Additional Details
No other in-house fees whatsoever aside from interest and origination points.
North Carolina’s fastest private money lender. We are an all cash private money lender based in Charlotte, NC. We provide fix & flip, new construction and bridge financing in the major metros of North Carolina.
We specialize in offering true asset-based loans, on non-owner occupied, residential properties for investors who need quick and flexible funding.
Year Established
2016
Office Locations
615 S College Street, Charlotte, North Carolina 28202Primary Capital Source
- Own Funds
Loan Structure for Majority of Loans
- LLC Syndicated Investors
Percentage of company’s lending business focused on private mortgage
100%
Percentage of Loans Secured by Residential Property
100%
Percentage of Residential Property Loans Which are Fix and Flip
75%
2017 Number of Loans Funded
100
2017 Loan Volume Funded
$20,000,000
