Kyros can loan over $1M, subject to borrower and asset due diligence meeting Kyros' requirements.
What are the fees associated with a Kyros loan?
1-4 Origination Points, $500-$1,200 Admin Fee, $950 Loan documents and inspection fees for loans with renovations.
What interest rate does Kyros charge on its private lending?
Interest rates range from 11%-16%, subject to market conditions, strength of borrower's credit and risk assessment analysis of the security (i.e., the asset)
What is your typical Term a loan?
Terms range from 1 day to 180 days, depending upon the borrower, the asset and/or the borrower's required time. Extension are available, solely at Kyros' discretion, and are on a case-by-case basis. A fee will be associated with each extension, if any, that is granted.
Will you lend on assets outside of Colorado, Texas, or Florida?
Possibly. It will depend on the market, the borrower and the type of asset.
How long is the approval process?
1-3 business days after receipt of all due diligence items. A preliminary term sheet may be provided in advance, on a case-by-case basis.
Will a personal guarantee be required?
In most cases, a personal guarantee is required of the borrower.
Will Kyros lend on a homestead asset?
Generally, the answer is "No." Notwithstanding, there are certain cases whereby a borrower executed an affidavit of non-homestead in its relevant jurisdiction. Subject to due diligence, Kyros may lend on a residence.
Is there a pre-pay penalty associated with Kyros' loans?
Each type of loan is different; however, typically there is a pre-pay associated with loans issued by Kyros that are paid off within 60% or less of the full term of the loan. Waiver of a pre-payment penalty is subject to the sole discretion of Kyros.
Do I have to be legal US citizen, US resident or a entity filed with and governed under one the states of the U.S.?