Do you work with Mortgage Brokers?
YES, YES & YES…………….More than half of the Borrowers who obtain Real Estate Financing from our company are originated by Mortgage Brokers.
What does a Mortgage Broker need to submit to your company for a potential Borrower?
Simply said, we need “Loan Parameters” to be able to determine if we could fund the requested loan. An overview of the proposed deal and a 1003 Loan Application and anything else relating to the proposed loan would help. Often just a phone conversation would be enough for us to see if the deal “Fits in the Box”.
How do Mortgage Brokers Get Paid?
There are typically “2” ways:
A check from Escrow will require that the Borrower sign and acknowledge the exact amount the Mortgage Brokers is making.
A check from us, where only the “Gross Points” charged are disclosed to the Borrower, which includes the Mortgage Broker Points and Hard Money Brokers’s loan origination Points.
What is the time frame for closing?
The normal timeframe from loan submission to loan funding is typically from “1” to “2” weeks
Do you need to speak with my client?
Yes, we have found it necessary in the past to assess a Borrower’s commitment to the requested loan and to further assess the specifics of the Borrower’s requested loan. We always speak to any Borrower as a “Partner” of any Mortgage Broker. We always have our Mortgage Broker’s back.
What are the credit requirements?
Since our company funds Private Equity/Hard Money Loans there isn’t a minimum FICO Credit Score requirement. As with all other real estate loan, better credit usually leads to better a interest rates for the Borrower.
What are the income requirements?
Both State and Federal laws require that all real estate lenders must verify that the Borrower has the “Ability to Pay”. Since we’re not a Big Bank or an Institutional Lender we have as much flexibility under the law as possible.
Do you work with borrowers that are in Foreclosure?
The answer is Yes……………. but due to the California Foreclosure Consultant Act, If a Borrower is in foreclosure we are required by law to investigate the cause and further if Borrower has the ability to make the monthly payments on the requested loan.
Can my client E-Sign?
Most of the time the answer is no, since we have always made a point of meeting the Borrower when the Loan Documents are signed at Escrow to fully explain the specifics of the requested loan. We have in limited certain circumstances allowed the Borrower to E-Sign the Loan Documents.
Do you service the loan?
Our company does not service loans funded by our Investor. Most of our company’s Investors either service the loans themselves or contract with an outside servicing company.