-Extensions Available for Fees
-Loan Document Preparation: usually $500, can be more for complex loans
-Appraisal: $450-$900, multiple options available, but actual cost TBD by appraiser
-Loan Processing and Underwriting: $1,395
-Title Insurance Policy Required
-Hazard Insurance Policy Required
-There might be additional non-recurring costs and fees for specialized services
They are loans acquired from a private lender instead of a conventional bank. These loans are usually asset-based, meaning that the primary focus of deciding the loan amount is based mostly on the value of the collateral offered.
Yes, we do provide loans but only to 1st lien position. Loans in the 2nd lien position are only offered to highly experienced borrowers with stricter underwriting standards. Reach out to us if you would like to learn more.
Our approval is based on the quality of the property, overall probability of project success and the experience of the borrower. Even though we consider credit history, it is not the main factor in our decisions. Therefore, many borrowers that possess damaged credit still have a chance to gain approval.
We always require the borrower to fill out a loan application. In addition, there are disclosures and documents that need to meet regulatory requirements for you to complete. However, they vary depending on the type of loan you are applying for. We will respond immediately with your required information once you submit a loan application form.
A simple loan usually takes around 7 to 10 days to be funded. However, some loans can take as long as 30 days due complexity or valuation delays.
The property you are seeking a loan for will serve as collateral in addition to a personal guarantee.