Below are the most common questions we receive from prospective borrowers. If your question is not answered, please feel free to connect with us in one of the following ways and we will get your questions answered promptly.
How do I get started with getting a loan for my investment property?
The first step in getting started is to connect with one of our loan analysts. You can do this by calling, texting, or emailing our office. Be sure to include your name, a good phone number, email address, and a quick overview of your project. From there, our loan analysts will guide you through the process. It's easy and quick!
I need a loan for a duplex purchase. I'm going to live in one side. Will you still lend to me?
We only lend on non-owner occupied properties. This means that your investment property cannot be lived in by you while completing the project.
What if my credit score is really low? Will I still be able to get a loan?
Low credit scores are ok. We can typically work with credit scores as low as 600 and still get you the funding you need. If your score is lower than 600, please talk with us as we may have solutions for your situation. Please know that your mid-FICO score and your experience factor into the pricing of your loan.
I had a bankruptcy in the past. Does that disqualify me?
In most cases, you can still get an investment loan if its been 12 months or longer since your bankruptcy.
I am new to real estate investing and don't have any experience. Is that ok?
Yes, that is perfectly fine. We know that everyone needs to start somewhere and we don't reject your loan based on experience. Your experience level and your mid-FICO score will factor into the pricing of your loan.
Can you recommend someone to coach me through my project?
When we get the opportunity to fund your loan, we will also provide you with free coaching. We want you to be successful with your project so we will do everything possible to reduce your risk and help you succeed.
What is the minimum & maximum amount of loan I can request?
Loans are available at a minimum of $50,000 and a maximum of $10,000,000. If you have a loan that falls outside of these parameters, please talk with us as we may be able to find you a solution.
Why do you check my credit score? I thought you were different than the banks?
Although we provide "logic based" loans and care primarily about the strength of your deal, we do pull credit to ensure you don't have any recent defaults and to establish pricing. Our in-house lender typically uses your mid-FICO score to establish the interest rate you'll be charged on your loan.
Do you require an appraisal before closing?
Yes and no. Our in-house lender requires an appraisal on all loans before closing. Many of our lending partners do not require appraisals but will conduct a BPO or broker price opinion on your property before closing.
Are there any up-front fees?
If you decide to move forward with a loan from our in-house lender, there is a $195 application fee to setup your file, open the technology portal, etc. That fee may be paid via credit card. When using lending partners to get you funded, there are no up-front application fees.
How long can I use the money?
Most all of the loans we provide are good for 3-24 months in duration. If we shop your loan outside of our in-house lender, those terms may change. Rental loans are typically amortized over a 30-year term. Fix and flip loans are typically interest only and can be used without a pre-payment penalty in most cases.