DIRECT FINANCING

Properties of New York (PONY) offers Direct Financing to Credit Qualified Buyers with the following conditions:

1.      With ONLY 20% down at the time of closing, PONY will hold a mortgage for the remaining balance.

2.      Our credit application, usually completed at the contract signing, is a simple one page form allowing PONY to run a credit check on potential buyers.  Decisions are usually made within 24 hours

3.      We offer two types of mortgages

a.      A 5 year term: equal monthly payments through 60 payments (5 years)

b.      A 5 year balloon: amortized over 10 years with a balloon payment due at the 60^th payment.

4.      The Attorney’s Mortgage and Note Preparation Fee has been specially negotiated by PONY and is extremely reasonable, well under normal Bank’s Attorney’s charges.

5.      PONY Financing includes:

a.       NO APPLICATION FEE

b.       NO POINTS OR ORIGINATION FEES

c.       NO APPRAISAL FEE

d.       NO PREPAYMENT PENALTY