Borrowers

Pride of Austin Capital Partners accepts loan submissions from both residential and commercial borrowers seeking financing solutions for real estate. We make or broker loans for commercial real estate projects, construction projects, residential rehab projects and residential purchases.

Our maximum limit on lending is 65% LTV of an acquisition or real estate development; 65% after repair value on construction projects; 65% on a refinance of a home about to go into foreclosure and, up to 50% LTV on land acquisition. Most of the loans we fund are in Texas however we do broker loans for projects outside the State of Texas. Depending on the project, loan terms for funding will be between 14% and 18% interest with 3 to 5 points.

We only lend in First Lien positions. We do not make second liens or home equity loans. Although the primary consideration is the asset that is being placed as collateral we do consider other criteria when underwriting or brokering a loan.

1. Does the borrower have the ability to service the debt for the term of the loan? Most of the loans that we fund are interest only loans. However, the borrower will have to prove their ability to service the debt.
2. A credit report is often required. Although a credit score is not a deciding factor in underwriting, other items on a credit report might be. In underwriting we look for tax liens, judgments and an over all picture of how a borrower manages credit.
3. Is the Executive Summary well written and does it make sense?
4. Is there a clear and identifiable exit strategy in place?
5. Is there a recent appraisal or credible broker opinion letter supporting the value?
6. A borrower will be asked to provide personal financial statements, income statements, tax returns and a completed and signed 1003.
7. A processing / underwriting fee will be charged. When issuing an Engagement Letter or a Letter of Interest POACP will include a fee based upon the amount of work that is required to successfully close the loan. These fees are non-refundable and will be listed on the Settlement Statement as a fee that is POC (Paid Out of Closing). These fees do not cover appraisals, surveys, credit reports, environmental studies, travel or any other third party fees that might be required in order to underwrite the loan.

• $1,495.00 for a 1 to 4 family residential refinance, cash out or rehab loan
• $1,995.00 for a 1 to 4 family residential new construction loan
• $2,995.00 for commercial loans up to $1,000,000
• $5,000 for commercial loans from $1,000,000 to $5,000,000
• $10,000 for commercial loans over $5,000,000

HAVE YOU CONSIDERED cutting down your cost of funds for a loan? If you have a retirement account or an investment account please read the section on INVESTORS. We have two solutions that might work well for you to cut your cost of a loan.

• For Investors

  Our excellent reputation and real estate experience allow Pride of Austin Capital Partners to return higher yield - lower risk returns on investments. The nature of our investment vehicle that we manage allows us to offer a higher level of liquidity than customary trust deed investments.

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• For Borrowers

  Pride of Austin Capital Partners provides hard money lending for those residential and commercial borrowers that do not meet the stringent requirements of traditional loan underwriting. Borrowers can feel confident that no matter what their financial situation their loan submission will be treated with respect and dignity.

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• Custom Homes

  Pride of Austin Homes, LLC. specializes in building custom homes and remodeling homes in central Austin. Our custom homes are designed for those who enjoy the urban lifestyle and the convenience of being near downtown Austin.

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