Borrow
Challenging Deal?
Need to close quickly?
Frustrated with the traditional lending institutions?
Call us. We are a professional private equity-based lender. We offer innovative short-term financing solutions and we close transactions in a timely manner.
Our philosophy on lending
While our focus and mandate are governed by the needs of our investors, we recognize that a good loan is one that benefits all parties; that is, providing interest income to the investors, while allowing borrowers to achieve their goals, whether it is an acquisition, expansion, development or a solution to a short term cash flow deficiency.
Equity-based lending
We focus on the value and liquidity of the real property. As a “bricks and dirt” lender we place minimal emphasis on the covenant of the borrower.
Our lending parameters:
| Loan to value: | Up to 65% of purchase price or appraised value |
| Loan size: | $400,000 - $8,000,000 |
| Terms: |
1 year open on 1 month interest penalty 2 years open on 2 months interest penalty in the 1st year and 1 month interest penalty in the 2nd year of the term |
| Fees: |
Owemanco's fees are typically as follows: Brokerage: 2% of loan amount plus fees to source brokerage, not to exceed 2% of loan amount Legal: 0.5% of loan amount plus GST, disbursements and title insurance premiums. This covers the legal fees for the lender. The borrower will require independent legal advice and signs the mortgage documents at his/her lawyer's office. |
| Appraisals: | As bricks and dirt lenders, the appraisal is a critical element of our underwriting process. We generally prefer to engage and instruct the appraiser; however, if you are already in possession of an existing appraisal report, whether it be currently dated or not, we would be pleased to review that material. |
| Environmental Reports: | The requirement for a Phase I and/or Phase II Environmental Site Assessment is determined on a case-by-case basis. Please consult with us prior to engaging an engineering consultant to prepare or update reports. |
Please submit any US opportunities to Adam Tobe