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Loan Servicing

Professional private lender loan servicing

Prime Capital Group offers loan servicing for the private investor. We service all privately funded loans and seller carried loans (seller carry back/seller financed).

The latest in software and technology

Prime Capital Group utilizes the latest in loan servicing software and technology to service your loan. Together with our experience and servicing skills, we offer an unbeatable solution to your loan servicing needs.

Lender distributions and reporting

Lender distributions are scheduled twice per month on the 1st and 15th. Investors may choose electronic deposit of funds (ACH) or conventional checks. Monthly account reports which detail all account activity are mailed out on the 1st of every month. A year-end report details and summarizes all yearly activity.

When the borrower pays late or does not pay

Competent loan servicing becomes even more valuable when the borrower does not pay. Our experienced team will handle all collection efforts. A series of notices and collection phone calls will be initiated as the borrower becomes late and then increasingly delinquent. If necessary, on your approval, a notice of intent to foreclose will be sent and eventually a notice of default will be recorded. We handle all steps of the foreclosure process. Knowledgeable and dedicated loan servicing will greatly improve the borrower’s performance and minimize delinquencies.

Tracking the borrower’s senior loan, property tax and property insurance payments

Enjoy peace of mind knowing the critical obligations of the borrower, which affect your lien, are being met. Property tax payments need to be monitored as defaulted property taxes can bring the property to tax sale. If you have a junior lien, knowing the status of payments to the senior lien(s) is critical as a foreclosure by the senior lien could wipe out your loan. Also, assuring that the property insurance (fire / hazard) policy is current and has not been canceled is vital. We can provide the services to monitor continuous coverage.

IRS 1098 and 1099 reporting

You have enough to do at the end of each year. Let us handle IRS 1098 and 1099 interest reporting.

Payoff demands and reconveyance

When we receive a payoff request, we produce the demand and forward it to you for your approval. Once the loan is paid in full we provide a recorded reconveyance.

Monthly statements to borrowers and borrower welcome letter

Borrowers receive a coupon book and/or a monthly statement with a tear sheet to send with the payment. We will send a welcome letter to the borrower to transition the servicing of the loan.

How do I start?

  1. Call for questions and/or pricing
  2. We will send to you a loan servicing agreement for your signature
  3. Send us all relevant documents
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