We are the Low Price Leader
for hard money loans in Las Vegas under $1 million If you want a hard money loan in Las Vegas, Nevada, on any type of real estate, whether purchase or refinance, then call us. We are the low price leader of hard money lenders. We charge no junk fees, no prepayment penalties, and we deliver. You aren't going to be left standing at the closing table with no funds. If we say you are getting the loan, then you get the loan.

Even though it is a "hard money loan", which historically has been based on the "equity" in the property, recent state and federal laws mandate that we document that you can make the payment. To do that, we must collect from you the last two years of tax returns and a bank statement. If you are employed, you should also be prepared to provide your paycheck and W2.

BUT:

We look at the documentation differently than a conventional lender does. Our ratios are not the same, we look at your credit differently, and we base the loans on "common sense". We do not have a box that you must fit into. If there are mitigating circumstances on your loan, we listen to them. We don't have a minimum credit score requirement. The credit scoring system is a mess, and needs to be fixed. These days, most people have a foreclosure on their records, or a bankruptcy, or a short sale, or a late credit card.

There are some things that we don't do
- and they don't fit into our box no matter what.

  1. no mobile homes, even if they are converted to real estate
  2. no trashy properties
  3. no neighborhoods that have high crime statistics
  4. no past due child support payments
  5. no violent borrowers
  6. no 2nds behind big 1sts
  7. owner occupied refinance loans unless you agree to a loan less than 12 months, or we can find an investor who wants to give you a 5 year loan. Investment property refinance is okay - it only pertains to houses that you live in .
  1. There may be a few others that aren't on our list, but those are pretty much the basics.

Here is the process:

  1. call us on the phone at 702-214-4700 for a 10 minute conversation. We can usually tell within 2 minutes if we want the loan, and then the next 8 minutes are for the details.
  2. These are the types of questions we will ask you:
    • is it a refinance or purchase?
    • what is the property address?
    • what is your idea of the value of the property (how much you paid for it, how much you are buying it for)?
    • how much is owed on it right now?
    • how much money you have in the bank (if you are buying the property, you MUST have at least 40% of the purchase price, plus enough money for closing costs, plus a few months worth of payments, plus a little bit left over for emergencies. If you are doing a refinance, then you don't need to have very much in the bank, but it helps that we see that you are not flat broke.
    • how much money do you make per month?
    • where do you work?
    • what do you think your credit score is and why?
  3. If those answers are satisfactory, we will give you the terms and conditions of your loan, based on the information you have given us. These terms and conditions rarely change, but once we receive your data, and see the property, and check the comps, they may change. At this time, we will choose the investor who will most likely fund your loan, and we go over all of the information with him or her. If they have any special requirements, we will let you know, but usually we stick to the standard formula.
  4. If you like the terms and conditions of the proposed loan, you will then need to fax us a copy of your most recent bank statements to 1-800-450-0936 proving that you have enough money in the bank to purchase the property. If you have the money somewhere else, please tell us how we can verify that.
  5. Once we get the bank statement, you will receive a pre-approval letter from us, which you can give to your realtor.
  6. Within 72 hours we will go inspect the property.
  7. If we like the property and you, we will call you and ask you for the following items:
    • tax returns
    • W2's
    • most recent bank statements (maybe two months, depending on what we see)
    • purchase agreement
    • name and number of your realtor and the escrow company
    • your name, address, phone number, email addresses, ssn, dob, and marital status. We will put all of this information into your loan application, and there will be a few other questions.
    • then we send you your disclosures
    • you sign them, and fax them back.
    • we receive the preliminary title report
    • we update your investor with the most recent information and finalize the terms of the loan.
    • we send loan documents to you for your review - including the settlement statement that shows all of the costs of the loan.
    • we set up a signing time for you to go to the title company and sign your documents. We will be there with you to answer any questions and make sure everything is correct and understandable.
You can email or fax or hand deliver the documents. We prefer email or fax. We do not usually meet with you in person until 3/4 of the way through the process. The reason is because we are pushed for time on all of these loans, and we do not need to see you until we know for sure that we are doing the loan. However, one of our rules is that we must meet you and we must see the property before we close the loan. If you are long distance, we can use Skype to interview you.

COUPONS FOR MAKING PAYMENTS After that, you will make your payments to a third party loan servicing company who specializes in collecting payments from borrowers. They will deposit the money directly into the investor's account. They will send you a statement of interest that you paid at the end of the year for your taxes. They will provide a verification of payment history if you decide to get a conventional loan. The service will cost you approximately $10 to $30 per month, depending on how many bills are being paid through the impound account i.e. taxes, insurance, HOA, sid, lid, etc. It is $2 extra per month for every bill that gets paid.

PAYMENTS AND LATE PAYMENTS

You will receive coupons from the loan servicing company. You can have the payments taken out of your account automatically. Make sure the money gets there by the 5th day of the month, or you will incur a late charge. If you are more than 20 days late, your interest rate will increase by another 6%. This is called the 'default rate'. The default rate stays in effect until you bring all of the payments current. If you are going to be late, CALL US and tell us why. If we do not know what is going on, we will file a "Notice of Default" very quickly, and then you have to pay for that also.

WHY DO WE ASK FOR TAX RETURNS, W2'S, PAY STUBS, ETC.?

If this is a hard money loan, why do you need all of that paperwork? Well, the federal government and our state government outlawed making loans on properties without verifying that the borrower had the ability to make the monthly payment. Hence we need something in our files that proves that you make enough money to pay the monthly payments, and to pay the loan back at the end of the term.

The good news is that we don't have a bunch of really strict rules
like Fannie Mae, FHA, and Freddie Mac do. So if your mother lives with you and she gives you her social security check to help pay the mortgage, we'll count it. And if your wife, who isn't going to be on the loan, brings in income to the family, we'll count it. And if you are a real estate investor, and you live off of the income from your rental properties, that's okay. And if you are self employed, and you write everything off, we'll analyze it, and it will probably be okay. And if you changed occupations, because you are totally qualified to do that, and you haven't been in the job for two or more years, that's okay. We've changed occupations too, and we still made our house payment on time.

So bottom line is, does it make common sense to do the loan? Tell us your explanations of why you have unpaid medical bills (because an uninsured motorist t-boned you and your insurance company conveniently forgot to pay a couple of bills, and forgot to tell you about it too), why you lost your last house (after losing your job and the bank wouldn't work with you) and so on.

WHAT ISN'T OKAY.....TAX RETURNS, CREDIT,
CHILD SUPPORT, JUDGMENTS

 It's not okay if you don't file your federal tax returns. We have to, so you have to. The tax returns DO NOT have to show a bunch of money. We are realists. If you don't pay your child support, then we can't help you buy a house. If you have a bunch of judgments and liens it means you've made someone mad enough to go to court to get paid, and we can't give you a loan. If there is a logical reason for the judgments, then tell us and we'll decide.

THE BIGGEST MISTAKE THAT BORROWERS MAKE

is not telling us everything up front. It's a wonderful thing - somehow, someway - by the time the loan is going to fund - we find out everything that you didn't want us to know. If we have to find out about it the hard way, we aren't going to give you the loan. If you tell us up front, and give us your explanation, we will take it into consideration before we decide, and I can tell you now, most times we say yes.

So that's it in a nutshell. We do what we say we are going to do, we tell you quickly, and when you get to the closing table, everything will be the same as what you expected. Now that is priceless.

Come See Us at 
3571 E. Sunset, #102
Las Vegas, NV 89120
702-214-4700

Our office bldg
Our Office building, come see us





Capella Commercial Mortgage
NV MTG BROKERS LICENSE #456
National License #372157
Agent License #376581
3571 E. Sunset, 
Suite 102
LAS VEGAS, NV 89120

(702) 214-4700 OFC
(702) 592-7183 CELL 
(702) 214-4703 FAX
CORINNE.CORDON@GMAIL.COM

Capella Mortgage lends in Las Vegas/Henderson area in Nevada only.
3571 E. Sunset #102, Las Vegas, NV 89120 Fax (800) 450-0936
Capella Mortgage Corp. Broker license #456.