Questions? We have answers.
1. How soon will it take to close my deal once I submit my application?
Once all of the needed information i.e. Bank info, purchase and sales agreement, your driver’s license etc… The average time to close a deal is roughly 21 days.
3. Are there any application fees needed to submit my application?
Yes and No. Initially, you are asked to fill out a “pre-application” form. In that form, we gather a little information about you and your deal. Once we submit that information to our loan analysist and we decide to move forward…a application fee of $197 is collected to start the loan process.
3. Is there a charge for property title searches collected at the end at closing or at the beginning of the loan process?
it is very important the have all the property information early on in the process since getting title search information takes between 5-7 days. A charge of $599 is collected shortly after the application fee of $197. This fee starts the title search submission process going.
4. What happens if my application is declined?
If information is seen on your on your pre-application that causes us to be unable to move forward with your property….you will be permitted to pull your pre-application, no charge.
If however…the loan process has begun and information not allowing us to move forward with that particular piece of property is discovered after the $197 payment is paid, your $197 payment is put toward the next property you submit to us for 90 days.
5.When will I find out my closing cost and how/if any money I would have to bring to the closing table?
That information along loan term, what points to pay in addition to any other fees to be paid at closing… is submitted to you directly after your pre-application is submitted to our loan analysis department.
6.Do you do commercial loans?
As of the writing of this information…Yes.
However, that can change. Please reach out to your Private Money Broker for details.
7. Do you also loan on Hotels and Motel properties?
No. Since those types of properties fall under different lending rules…We do not lend on those types of properties.
8. Do you lend in ALL 50 states?
As of this writing…We lend out funding in 37 states. Check with your Private Money Broker for updates and to see if your property’s state qualifies.
9. How are the lending funds issued out to the borrower?
A schedule is created for each specific borrower to determine at what time funds are released. All that information will be relayed at closing.
10. Is a lot of paperwork involved with getting a loan though you?
Actually no more paperwork is needed than with getting a loan via any bank. But unlike with banks…We do not ask our clients to jump thru a lot of loops to borrow funds through us.
We strive and pride ourselves on making the process go as smoothly as possible. Provided we receive all of the information needed to close your loan as quickly as possible…That is exactly what will happen in your case also.