Terms and Conditions

Lending terms and conditions

Equal Housing Opportunity.  We only do Non-Consumer Commercial Loans.

APR for loans vary from 5.99 – 29.9%.

Costs, rates and terms can only be determined after evaluating:

  1. Property location,
  2. Loan to Value (LTV) based on down payment or equity,
  3. Credit Score (FICO),
  4. Ability to repay,
  5. Your capabilities/experience and
  6. Site Inspection and title report.

This is not a guarantee.  This is not a Good Faith Estimate (GFE).

No upfront costs to apply.

Setabay LLC are acting as Mortgage Brokers.

These are short term loans 3-60 months.

You are not required to pay any upfront fees.  However, some programs may require you to pay for an appraisal or BPO.  Appraisals/BPO are handled by non affiliated 3rd party and all fees and costs are collect by the 3rd party not by us at Setabay LLC.

For the lowest possible rate, typically the borrower will have a LTV of 55% or less, a FICO Credit score of 740 or better.

For example: A loan of $500,000 at 8% for 60 months the payment would be interest only payments of $3,333.33/month for 60 months, balance of $500,000 due at end of loan, closing costs of $12,500 with an APR of 8.20%. The home would be located in Scottsdale, Loan to Value at 55% or less and the Borrower would have a tri-merged middle credit score of 750 or better.

For example: A loan of $250,000 at 12% for 60 months the payment would be interest only payments of $2,500/month for 60 months, balance of $250,000 due at end of loan, closing costs are $6,957 with an APR of 12.9%.

For example: A loan of $250,000 at 6% for 12 months the payment would be interest only payments of $1,250/month for 12 months, balance of $250,000 due at end of loan.  The borrower would have a FICO Credit Score of 740 and a LTV on 55%.

Normally, borrowers who apply for the loans, their rate ranges from 8.5% to 13.9%. For a second position loan the rates vary from 18.9%  – 29.5%.

 

Closing Costs consist of the following:

  1. Origination fee, documentation fee, and credit report fee paid to Setabay LLC,
  2. Escrow fee paid to title company,
  3. Title Policy paid to title company,
  4. Servicing Setup fee plus monthly fee paid to loan servicing company.

Setabay LLC does not service the loans.

Setabay LLC does not warehouse loans or keep loans for re sale.

Loans have a specific due date and may not be extendable past the due date.  There is no guarantee that the lender will extend the term of the loan.

These are Non Owner Occupied Loans, Bridge Loans, Construction Spec Homes or Commercial Loans.

Payments are interest only, which means there is no principal reduction to the loan during the term of the loan.

Loans may have a prepayment penalty or a minimum time commitment, talk to our licensed mortgage experts for more details.

To qualify for a 90% Loan To Value Rate:   This is based on borrowers prior experience and credit score.

We look at credit score to determine loan possibilities.  Poor credit will result in higher interest rates and a higher down payment.

Borrowers with outstanding judgments, tax liens or pending litigation would have to be settled before close of escrow to qualify for any of our loan programs.

Any third party costs/fees or services you pay directly are your responsibility.  If the loan is denied for any reasons, Setabay LLC is not responsible for refunding any of the costs/fees or services pay directly by you.

Setabay is a Hard Money Mortgage Broker who will work for you to provide you with the best possible rates and terms.   We are better than the bank, we’ll go to bat for you, to personally show your loan criteria to over 200+ professionals that will provide their best rock bottom terms and conditions. Underwriting is fast and easy; with closing is just a few days.

Mortgage rates could change daily. Actual payments will vary based on your individual situation and current rates. Terms and conditions of all loan programs are subject to change without notice.  To get more accurate and personalized results, please call (623) 582-4444 to talk to one of our licensed mortgage experts and should not be considered as such.

You are not required to complete this loan merely because you have received these disclosures or signed a loan application. If you obtain a loan, the Lender will have a mortgage/deed of trust on your property. You will lose your property, and any money you have put into it, if you do not meet your obligations of the loan. You should have sufficient cash reserves and experience to complete the project.

Trust Deed Lenders

Notes are not offered to any prospective lender unless such lender has established, to the satisfaction of Mark Gowlovech, RI/CEO of Setabay LLC, that the lender meets lender qualifications.

Some employees at Setabay LLC are also licensed Arizona Real Estate Agents and Arizona Insurance Agents.  We do not act as dual agents on any loan; however some broker agent’s will have transactions where an employee at Setabay LLC is also employed at the broker agent’s.

Each lender funds the Notes through a Title Company from his/her/its own account, for investment purposes only, and without any intention of distributing or reselling any of the Notes, either in whole or in part.

We cannot and will not guarantee that this opportunity will be successful, see competent advice from attorneys, real estate appraisers, financial planners, securities dealers and accountants before you enter any agreement.

We are not selling the Note; Setabay LLC is acting as Mortgage Broker, Licensed in Arizona, MB 0941439, acting as broker between you the lender and the borrower(s). Some employees at Setabay LLC are also licensed Arizona Real Estate Agents and Insurance Agents. We do not act as dual agents on any Loan; however some broker agent’s will have transactions where an employee at Setabay LLC is also employed as the broker agent’s.

You will fund the Loan for borrower(s) in escrow at an Arizona Title Company, and the funds need to be wired 1 day before close of escrow. The Title Insurance Company is First American Title Insurance Company. In Arizona, the Title Company will also act as the Escrow Company. Each Deed of Trust is insured by a Lender ALTA Title Policy from First American Title Insurance Company.

There is no contractual relationship between Setabay LLC and First American Title Insurance Company or Evergreen Loan Servicing, nor does Setabay LLC receive any compensation from these vendors.

Loss of Money

  1. There is no guarantee that this lending vehicle will be successful and there is a possibility of failure and the complete loss of your money.
  2. Your loan is at risk.
  3. You are a sophisticated Lender and can absorb any loss.
  4. The security of the proposed loan may be just the value of the real estate.
  5. If the borrower fails to pay — you will not get paid. You only get paid if the borrower pays. Nonpayment by the borrower(s) will result in loss or delay of cash to you.
  6. Loan servicing is handled by you, a loan servicing company or our recommended loan servicing company.
  7. Bankruptcy of the borrowers(s) causing long court delays could result in the total amount of principal and interest exceeds the market value of the real estate security.
  8. It would be in our best interest to view the property by at least driving by.
  9. Setabay LLC or its employees;
  1. Do not guarantee the loan.
  2. Is not obligated to buy back the loan.
  3. Is not obligated to create a resale market for the loan.
  4. Do not service the loan.
  1. You are the owner of the Note, your name is on the documentation and you are the decision maker and control and enforce the terms of the Note and Deed of Trust. Once consummated, Setabay will not have any interest or involvement in the Note and Deed of Trust nor will receive any future compensation.
  2. You may need to foreclose on the borrower to recover the property and sell the property to recover your initial money, past payments and fees, and foreclosure fees.
  3. If you foreclose:
  1. You are the person in charge that handles the foreclosure and associated costs.
  2. You may need cash to complete the project or to make the property marketable if you foreclose and take possession.
  3. You may have to pay for forced placed insurance.
  4. You may have to pay past HOA fees, other liens added since closing, and past/future utilities.
  1. You are acquiring the Notes for your own account, for lending purposes only, and without any intention of distributing or reselling any of the Notes, either in whole or in part.
  2. You are committing your funds for the term of the loan. Notes are fixed for a term and rate, once executed; you may have difficulty of getting out of the transaction if you need the cash. You may be able to sell/assign the note, but this may not be possible. Usually trust deeds are not liquid; resale before maturity may result in a loss to the lender (you).

Setabay LLC, Brokers, Agents and employees are not: attorneys, real estate appraisers, financial planners, securities dealers or accountants and we do not give advice as to these professions. See competent advice from attorneys, real estate appraisers, financial planners, securities dealers and accountants before you enter this agreement.

Agreement

Any e-mail is for the exclusive use of the intended recipient(s), and may contain privileged and confidential information. If you are not an intended recipient of any e-mail, please notify the sender, delete the e-mail from your computer and do not copy or disclose it to anyone else. Your receipt of e-mail message is not intended to waive any applicable privilege.

Neither any website documentation, e-mail nor any attachment(s) establish a client relationship, constitute an electronic signature or provide consent to contract electronically, unless expressly so stated by Mark Gowlovech, Setabay LLC.

Setabay LLC, Brokers, Agents and employees are not: attorneys, real estate appraisers, financial planners, securities dealers or accountants and we do not give advice as to these professions.

To the extent any e-email or this website includes any tax or legal advice this message is not intended or written by the sender to be used, and cannot be used, for legal or tax matters.

Any third party costs/fees or services you pay directly are your responsibility.  If the loan is denied for any reasons, Setabay LLC is not responsible for refunding any of the costs/fees or services pay directly by you.

E-Mail Communications

We may email you to communicate with you about your loan. You may also receive occasional e-mail communications regarding our site, special offers, service or products If you do not wish to receive promotional e-mails you may e-email or write to us instructing us to take you off our list our you can unsubscribe from the mail by using the unsubscribe link located at the bottom of all e-mails. See our Privacy Policy for details.

On-Line Submission Requests

By submitting your contact information you agree to our privacy policy. You also expressly consent to having us, or affiliates, contact you about your inquiry by text message, phone (including automated telephone dialing system or and artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national do not call registry. You do not have to agree to receive such calls or messages as conditions of getting any services from Setabay LLC or its affiliates. See our Privacy Policy for details.

Personal Information

When visiting our site you can view or web pages without telling us who you are or transferring any personal information. We may track the IP Address, added tracking code and tracking pixes to analyze trends and usage and further re-marketing. See our Privacy Policy for details.

Protection of your personal information

The personal information that you proved in connecting with purchasing a product from Setabay LLC is classified information. Your information is portended in several ways. Your credit card information is not stored on any server. When your information is transmitted to our server from this site, Setabay LLC encrypts your personal information and thereby prevents unauthorized parties from viewing such information when it is transmitted. See our Privacy Policy for details.

Contact Information

Setabay LLC an Arizona Limited Liability Company
22601 N 19th Ave Suite 112
Phoenix AZ 85027, 623-582-4444
NMLS 1018071, AZMB 0941439
www.Setabay.com   Dennis@Setabay.Com
Mark Gowlovech Broker/RI