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elcome to Frequently Asked Questions. This is the most transparent, up to date, valuable, resource for our clients. Everything you need to know is below. Please take some time to review. We have organized questions into categories to help you navigate your questions as fast a possible.
Every Question and everything you need to know about our Lending Program, Fees, Buyer qualification and everything else is included in our FAQ. We are frequently asked when do I need to have contact with our office. We don't need to talk in person until you have a property under contract. You can get everything in a much faster manner by going through the details below. Due to fast time constraints in getting loans funded, we are very busy with applications that are under contract. When you have a property under contact you can submit your application by going to Apply for Loan.
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In fact if you have a question that is not answered on the web site simply complete the form below and we will not only answer your question but we will mail you a $100 Wal-Mart Rebate Card as our way of saying thanks. So take a few minutes and go over the details below.
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Click on Any Question and the Answer will appear. Also you can search by keyword below for your specific Question.
We only fund investors. If you are a homeowner looking for financing we cannot help you! |
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It depends on you. Since you are the one providing the After Repaired Value and the repair estimates it comes down to how accurate you are on your values.
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No. You can get this any time day or night. This is provided as a courtesy so you can have an idea how much we can lend.
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No there is not cost to this whatsoever.
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Get the property under contract. Once the property is under contract you will need to complete in full the online loan application and the process begins.
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Nothing. The only thing getting qualified has to do with you is verifying that you do not have any judgments. Other than that, getting approved has to do with the property. So once you get the property under contract you will want to complete in full our online application so we can start working on getting your loan approved.
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Really the main thing is that you have found a good deal. We only require that you do not have any judgments. Other than that is has to do with the property and not you as a person.
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Great question. We primarily put our judgment into the property when we come up with the lending decision. We do pull your credit to make sure there are no judgments on it that are unsettled. We will not lend to someone that has outstanding judgments. If everything has been resolved with the creditors we will lend to the borrower. We won’t deny someone based on credit scores. However the scores don’t determine if we will lend or not. Credit scores below 620 do have slightly higher pricing when you get the loan. But we will give you the loan regardless of what your credit scores are.
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Having a job is not a requirement of you getting a loan. Again we look to the value of the property rather than the borrower.
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If you are currently in a Bankruptcy or if you have outstanding judgments.
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There is no prequalification to get. Since we lend based primarily on the property and not based upon the person you need to have a property under contract before we can approve a loan. There is not prequalification, because we lend based primarily on the property not based upon the borrower.
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The first step is to have a property under contract and apply for your loan online. Once you have done that we will get the independent evaluations done. Once the evaluations come back we can tell you exactly how much we are willing to lend.
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Being a hard money lender the majority of the weight is put on the property itself. As long as the property meets the criteria on a percentage of value on an Adjusted After Repair Value the client can get up to 100% financing on the purchase price. The only thing we look at credit for is pricing purposes and make sure there are no unpaid outstanding judgments that would take lien position over our lien as we have to be in first lien position. Hope that helps answer your question.
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Great question. We primarily put our judgment into the property when we come up with the lending decision. We do pull your credit to make sure there are no judgments on it that are unsettled. We will not lend to someone that has outstanding judgments. If everything has been resolved with the creditors we will lend to the borrower. We won’t deny someone based on credit scores. However the scores don’t determine if we will lend or not. Credit scores below 620 do have slightly higher pricing when you get the loan. But we will give you the loan regardless of what your credit scores are.
Down payment is not required unless the values are lower than what we are able to loan and then you can bring the difference between what we are able to lend and what you are buying it for to get the loan closed.
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No. We look at being a real estate investor as a job as well. We don’t require that you have any other type of employment.
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We do not have to verify any tax returns. We lend primarily based on the value of the property rather than the individual.
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