Generally, local banks are unable to provide you with a royalty loan. Due to the amount of paperwork and mineral valuation that banks are required to contend with, it usually is not a cost effective loan. As a borrower, you will most always be required to provide personal financial information, credit reports, and company financial information if applicable. A royalty loan with a bank will most often require a personal guaranty of the loan. Banks will also pursue foreclosure and take ownership of the royalty to satisfy the loan in the event of default or non-payment. This program offers a simple loan with no personal liability, no credit check, and no foreclosure.
Initially, you will need to provide a copy of your last monthly royal Statement and a copy of the check (or payment stub). If your income meets the minimum requirement, you will then need to provide a copy of the lease or legal description of the property on which the well is located.
The loan will be a simple interest loan, open ended or re-advancing. Interest will be calculated on a simple interest basis accruing daily. The interest rate can vary depending on the rate environment. Please call to inquire about current rates.
You must be 18 years of age and your minerals must not be subject to a lawsuit, judgment, tax lien or active bankruptcy. If you have any of the above issues, complete the application and let us see if we can work thru them.