08. Can I use this for my own home?
No. These are business loans for investment properties only.
07.
Questions people ask
- 01.What does it cost?
- 02.How long does it take?
- 03.What documents will I need?
- 04.Do you pull credit?
- 05.What credit score do I need?
- 06.Do I need experience?
- 07.Can I borrow in an LLC?
- 08.Can I use this for my own home?
- 09.Do you lend to foreign nationals?
- 10.What states do you lend in?
- 11.Are there prepayment penalties?
- 12.What is a hard money loan?
01. What does it cost?
It depends on the deal, and you'll see every fee in writing up front.
02. How long does it take?
Fix & flip loans can close in as few as 3 days, about 10 on average.
Rental (DSCR) loans can close in as few as 10 days, about 28 on average. New construction in as little as a week.
03. What documents will I need?
Every loan starts with the same short list: an application, your ID, your entity documents, a voided check, and your title and insurance contacts. Bank statements only if the loan needs reserves.
Then a few items for your loan type — we'll send you the exact list with your terms.
04. Do you pull credit?
It depends on the loan program. Some don't need a credit pull, some use a soft pull, and some a hard pull. We'll tell you up front which applies to your loan.
05. What credit score do I need?
Some of our rental (DSCR) programs have no minimum credit score. For other loans, it depends on the program, so ask us with your deal.
06. Do I need experience?
No. Several of our programs, including new construction, don't require experience. More experience can mean better terms.
07. Can I borrow in an LLC?
Yes, and most of our borrowers do. Send us your entity documents with your application.
09. Do you lend to foreign nationals?
Yes, across all of our loan programs.
10. What states do you lend in?
Every state except North Dakota, South Dakota and Nevada.
11. Are there prepayment penalties?
Not on fix & flip, bridge or construction loans.
Rental (DSCR) loans usually have one, from 0 to 7 years depending on the loan.
12. What is a hard money loan?
A short-term loan secured by investment real estate. The lender looks mainly at the property and the deal, not your tax returns, which is why it can close in days instead of months.
Questions to ask any lender, including us
Ask every lender — including us — what's known, what's assumed, and what still has to be verified.
01. What will this loan really cost, including interest, points, and every lender and third-party fee?
The rate is only part of the price. Compare the total cost, in writing.
02. How much cash do I need to bring to closing, and how much do I need to keep in reserve?
The down payment is just the start. Closing costs, prepaid items and reserves add up.
03. Which terms are firm, what could still change before closing, and when is my rate locked?
Early quotes are often preliminary. Know what's locked and what isn't.
04. What could cause this loan to be declined, repriced, reduced or delayed after I get terms?
A loan that falls apart late can cost you the deal. Know the risks up front.
05. If I pay it off early, what do I owe beyond the balance: prepayment penalty, minimum interest or exit fees?
"No prepayment penalty" doesn't always mean it's free to pay off early.
06. Do I pay interest on the whole loan, or only on money that has been released?
Rehab & construction
A lower rate can cost more if you're paying interest on money you haven't received.
07. How do draws work: do I pay my contractor first, what does each draw cost, and how long does it take?
Rehab & construction
Slow or strict draws can stall a project and tie up your own cash.
08. If the project, sale or refinance runs late, can I extend, and what do extensions, late fees or default interest cost?
Most projects run long at some point. Know the cost before it happens.
See all 17 questions
09. Do I need an appraisal or other valuation, who pays for it, and what happens if the value comes in low?
A low value can change your loan amount, your cash to close, or the deal itself.
10. Will you pull my credit (soft, hard or both), and could there be another pull later?
Hard pulls show on your credit report, and some lenders pull more than once.
11. Can you realistically meet my closing date, and what still has to happen first?
A missed closing date can cost you the property or your deposit.
12. Do I have to personally guarantee the loan, and are my other properties tied to it?
It tells you what's really at risk if the deal goes wrong.
13. Is the rate fixed, can my payment change, and when is the remaining balance due?
A long amortization can hide a short maturity or a rate that adjusts.
14. Who manages my file, and who makes the call when something goes wrong?
When something goes wrong, you want to know who can actually fix it.
For multifamily and commercial loans
15. How do you evaluate rents, occupancy and debt coverage?
These drive how much you can borrow on a multifamily or commercial deal.
16. What property types, locations or ownership structures cause eligibility problems?
Some lenders won't touch certain properties or structures. Find out first.
17. What documents do you need before you can give me terms I can rely on?
Terms based on missing documents can change once the documents arrive.