What is the Time Frame for closing?
The normal time frame from loan submission to loan funding is from 1 to 2 weeks.
Does the Borrower need to have a talk with my client?
Yes. It is imperative for the Borrower to speak with our client in order to request the loan and further assess the specifics. We ensure that we get adequate assurance from the Mortgage Broker.
What are the credit requirements?
There is no minimum FICO Credit Score requirement since we fund Hard Money/Private Equity loans. However, bear in mind that better credit leads to a better interest rate.
What are the income requirements?
According to the State and Federal Law, all real estate lending organisations should verify whether the Borrower has the ‘’Ability to Pay’’. Unlike most Big Banks, we offer maximum flexibility under the law.
Do we offer loans to Borrowers who are in foreclosure?
Yes we do. However, according to the California Foreclosure Consultant Act, the real estate lending company is required to investigate the cause for Foreclosure and whether the Borrower has the ability to make the monthly payments on the requested loan.
Can my client E-sign?
We don’t allow E-sign in most of the cases. We prefer meeting the Borrower when the loan documents are signed at the escrow. Only in limited circumstances we allow the Borrower to E-sgn the loan documents.
Do we service the loan?
Our company does not service loans funded by our Investor. In most cases, our company’s investors either contract with an outside servicing company or service the loans themselves.