Does Mañana charge Prepayment Penalties?

Short Answer: No.

Long Answer: Many hard money lenders charge prepayment penalties, but Mañana does not. The following language is in every Mañana Note Agreement:

“Borrower may prepay at any time before the Maturity Date the entire unpaid principal balance of this note with interest to the date of prepayment plus a premium of ___ percent (___%) of the amount of the principal balance……. Borrower shall receive a credit against said prepayment premium for any points paid to Lender on or before funding.


While the loan states that a prepayment penalty will be charged if there is early payoff, Mañana credits the discount points paid at closing against the prepayment penalties charged so that the Borrower pays only discount points at closing and absolutely no other fees or prepayment premiums at any time.  In the end, all the Borrower pays Mañana is 1.45 or 2.5 points at closing, whichever applies.  Borrower will also pay Broker fees to Jay Otto.


Does Mañana require surveys?




Short Answer:   Yes.

Long Answer: Existing surveys are sometimes acceptable.  Title companies require surveys in order to provide title insurance to lenders for possible encumbrances on title due to encroachments, boundary issues, easements, etc.  Surveys also provide confirmation that the physical address and legal description represent the same property.  While some people avoid surveys due to the cost, it is the lender who has the most to lose if there is a problem, especially if the borrower does not have the financial wherewithal required (sometimes impossible sums) to fix the problem if one arises.

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