What do you lend on?
We lend on non-owner occupied investment properties. We do not lend on 2nd homes but short term rental property programs are available in certain situations.
Do you ever lend on owner occupied property?
No we do not. We only provide financing on investment property with funds used for a business purpose. The borrower nor a family member can occupy the property at anytime during the term of the loan. The properties that fall into our products would be Rental Property, Flip Property, Mult-Family, and Some Commercial.
What type of loan products do you offer?
Fix & Flip short term renovation financing which includes acquisition & renovation costs into one loan with as little as 10% of total project cost as a down payment. Rent & Hold for long term rentals which is a loan with a 30 year term. Refinancing with cash out of an existing property currently owned is also available for funds to be used for renovations or acquisition of additional properties. Some Multi-Family and Commercial loans are considered as well on a case by case basis.
What is the time frame on obtaining financing?
Loans can often be closed within 10 business days. Time frames depend on the speed of borrower and 3rd party vendors completing tasks in a timely manner once requested. Inclement weather and certain State requirements will make closing time frames vary slightly also.
What is an Asset Based or Hard Money Loan?
An asset based loan is financing that is provided based on the value of the the asset. The hard money term comes from the fact it is a hard asset being used rather than other factors often used in traditional loan products. Hard Money loans commonly do not require any personal income documentation. Income produced by the asset and equity are the driving qualification factors of a property being suitable collateral. Prior investor experience also plays a role in underwriting decisions and loan program terms.
How does my credit affect obtaining financing?
While credit is not a sole basis for financing, it does affect terms, reserve requirements and programs available to a borrower. We look at the entire story and not just the black and white box that a traditional bank would. Typically longer term holds will require higher credit scores than shorter term renovation or bridge loans.
How many properties can I own?
Unlike conventional lenders which cap the number of investment properties you can own, there is no cap on the amount of properties or current loans you can own on our loan programs. We do however increase reserve requirements on investors with larger portfolio’s in some circumstances with lower DSCR’s.