+ Is CFG Licensed?
Yes, CFG is a licensed mortgage lender in the State of Oregon.
- Oregon ML 969
- NMLS ID 247919
+ What types of loans do you offer?
Non-Owner Occupied Single Family Homes
This is the company’s most popular loan. Loan to value (LTV) is commonly no more than 75% of value. On occasion the company will loan 100% of the acquisition price if the loan can be cross-collateralized with additional property owned by the borrower. These loans are usually in the range of $150,000 - $300,000 and are typically obtained by those looking to fix and flip or refinance after remodeling for long-term rentals.
CFG does not request an appraisal on these properties, except in very rare circumstances. To ascertain value, the company relies on the tax assessed value, comparable properties, site inspections and our extensive underwriting experience.
Duplexes and Multiplexes
In the absence of any extra collateral, CFG will typically lend 65-75% of value depending upon the quality of the collateral.
Apartments and Commercial Buildings
In the absence of any extra collateral, CFG will typically lend 60-65% of value depending upon the quality of the collateral.
Buildable Land
CFG will typically lend 50-55% on buildable land and up to 60-65% on single buildable lots in the Portland area.
+ Why should I borrow from CFG?
- Loans funded in 7 to 10 business days.
- Loans are considered that conventional lenders would pass on.
- Appraisals are rarely required.
- Borrowing is less expensive than taking on a partner.
+ How much will CFG lend?
Loans generally range in scope from $50,000 to $400,000, but exceptions can be made based on a case by case basis. The average CFG loan amount is approximately $160,000.
+ What is a typical LTV?
For purchases, loans normally cap at 80% of loan to value. For refinances, the cap would be 70-75%. However, 100% LTV loans are available with additional collateral.
+ What is the Loan Process at CFG?
1. Loan Application - Borrower completes a simple 2-page loan application.
2. Loan Commitment - CFG will make a loan decision within 48 hours. Loan terms are discussed and agreed upon with the borrower.
3. Open Escrow - Escrow will be opened by CFG unless the Borrower prefers their own escrow office.
4. Loan Documents – Upon receipt of a preliminary title report (PTR) from escrow, legal documents will be ordered. Proof of insurance will be requested from the Borrower.
5. Closing - Most loans close within 5 business days of receipt of a clear PTR.