Do you have questions? We can help! You will find the answers to several frequently asked mortgage questions below.
We lend to individuals, corporations, single purpose LLC’s and in some cases trusts. We often make loans to foreign nationals.
We usually take no more than 24 - 48 hours to get back to the borrower to give them a decent indication of our interest rate and terms. If all parties are on the same page, we often issue a term sheet that spells out the terms and requirements of the loan in detail. We then conduct detailed due diligence on the asset (typically an appraisal is ordered: however, we have the ability to waive if we believe the property has substantial value), collect information on the borrower and have one of our outside attorneys start drafting loan documents and reviewing title. At this stage, we will ask that the Borrower deposit a small amount of money with the aforementioned attorney (this amount is credited at closing) and we strive to get the loan closed as fast as the borrower can submit the required information. We have closed loans in as little as three days, but our typical loan closes in 10- 30 days from issuance of a term sheet.
Yes! In fact, we can sometimes fund 100% of your rehab costs. The way the funding process works is simple: you complete a portion of the project, we send an inspector to review it, and we then distribute the funds for the completed work. The entire process takes several days.
Because we lend on the asset, we do not have requirements for high FICO scores. We understand that life as a real estate investor or other circumstances sometimes cause lower credit scores. Although we prefer to fund borrowers with a 600+ FICO score, we can certainly fund your project if your score is below that – talk to us and we will work with you.