Altoma Fund Management LLC can privately finance a host of asset classes in California, including multi-family, retail, office, industrial, hotel/motel, gas station, c-store, self-storage, mixed use and non-owner occupied homes. One special asset class that Altoma Fund Management LLC deals in that many other real estate financing groups do not are agricultural and farm properties. The ability to offer financing to the agricultural sector is a strategic initiative by Morgner and Sparks, who noticed a private financing shortfall in this specific asset class.
The principals of Altoma Fund Management LLC, often referred to as "Altoma," work with various types of borrowers, each with his or her own set of goals. Some borrowers get declined on bank loans because of credit; others cannot utilize the bank because of timing. Although credit is a factor, the primary consideration for a loan is an ability to service the debt and having an "exit strategy" aka "escape hatch." When the borrower does not have a viable exit strategy, a loan cannot be made to them. A common exit strategy is a refinance with a conventional loan or a disposition (sale) of the asset or property. Altoma lends capital "interest only," and the goal for the borrower is to simply pay for the time in using the money. It's not meant to be lent in a permanent setting. Altoma can fund borrowers who want to flip homes; farmers who want to buy additional acreage or commercial real estate professionals that need a bridge loan to tie up a property in lieu of bank financing. There are numerous scenarios, and remember that debt service and exit strategy are key factors. Less than perfect credit is not.
All real estate brokers and agents, mortgage brokers, bank loan officers, title and escrow professionals as well as all affiliated people in the California real estate industry can refer private loan opportunities to Altoma Fund Management LLC. When legal and under the guidelines of the referring person's place of employment, Altoma will pay a referral fee. All borrowers with a potential transaction are encouraged to make contact with the principals of Altoma Fund Management LLC. Keep in mind Altoma does not do 100% financing under any circumstances, and that 60% LTV or below is preferred. On occasion, 75% LTV or below has been considered for the right transaction and borrower.