2024 Investment Broker Partnership
With our expanded network of real estate lenders we can fund and co-fund to get you the very best Hard Money loan rates and a fast, easy closing. So if you want to flip or rent, we have a loan for you.
Get Started or read the frequently asked questions
Frequently Asked Questions
Below are frequently asked questions and information about our residential lending process and that of our 2024 investment broker partnerships (for non-residential funding see our commercial lending )
WHAT DO YOU REQUIRE FROM A BORROWER?
With our no-doc loans, we only require two forms of ID, credit report, insurance, title policy, voided check and the down payment (for purchases). With our low-doc loans, we need a little more, but unlike many lenders, we don’t require income verifications’, source of funds, etc. This keeps our process fast, simple and dependable.
HOW LONG DOES IT TAKE TO FUND A LOAN?
We close in weeks, not months. Our average funding time is 17 business days.
HOW DO YOU DETERMINE MY INTEREST RATE?
Generally, your rate is determined by your credit score. Some of our loans add other metrics, such as DSCR and LTV. For credit score, we use a tri-score merged report, taking the middle of the three scores. Rates have been starting at 7.99%. Many factors contribute to your rate so complete the Broker Agreement (see paperwork below) and then we can pre-approve you.
WHY ARE YOUR INTEREST RATES HIGHER THAN A BANK’S?
We lend on homes that banks usually will not finance. We also require significantly less documentation than banks and our loans are often smaller than typical home loans. You will find that our rates are consistent with, or lower than, local private money lenders.
WHY DO YOU REQUIRE DOWN PAYMENTS ON PURCHASE LOANS?
Our loans are no-doc or low-doc loans that are funded fast. By requiring a down payment, we mitigate the risks of doing no-doc and low-doc loans versus conventional lenders that verify credit, assets, income, etc. and can take months to complete.
DO YOU LOAN BASED ON AFTER-REPAIR VALUE (ARV)?
No, we lend on “as is” value. We are a national lender and are not set-up to monitor the construction draws traditionally used in ARV lending. However, unlike most ARV lenders, we do not require detailed business or property improvement plans so we often can close more quickly. We also offer cash-out refi loans with only 30-day seasoning as an alternative option. Many of our customers use our cash-out refi loans to pull cash out of one property to fund the improvements of another property.
WHAT IS THE MINIMUM PROPERTY VALUE YOU LEND ON?
It depends on the loan, but we go as low as $50K on our 12-month I/O flip and 10 due-in-3 products. For our long-term loans, the minimum is $80K.
WHAT TYPE OF PROPERTIES DO YOU LEND ON?
We lend on residential properties, up to four units. Depending on the loan program, we require the property to be in a certain condition. For lending on manufactured homes, mobile homes, log homes, commercial, multi-family (greater than four units) or vacant land Scott will run through your deal through our commercial investment specialist, see more about our commercial lending here
WHAT ARE YOUR MINIMUM CREDIT QUALIFICATIONS?
We require at least a 630 score, no open foreclosure and no current open bankruptcy. Maximum loan limits apply to applicants with lower scores or no scores.
DO YOU REQUIRE A PERSONAL GUARANTEE?
Yes, we require a personal guarantee to be signed on all loans we originate.
HOW MANY LOANS CAN I DO WITH YOU?
We allow a maximum of two loans for a new borrower in a 30-day period. Exceptions are allowed above two loans in some cases. Once you have a 90-day pay history with us, there is no established maximum.
DO YOU ALLOW SUBORDINATE FINANCING ON YOUR LOANS?
We do not allow seller or other second liens behind our mortgages.
WILL YOU DO BLANKET LOANS ON MULTIPLE PROPERTIES?
At this time, we do not offer blanket loans.
DO YOU LEND TO FOREIGN NATIONALS?
Yes, with most of our loans and with an ITIN (individual Taxpayer ID#). If you don’t have a U.S. credit score or history, then our lowest-credit-score pricing will apply.
CAN I PAY BACK TAXES/LIENS/JUDGMENTS WITH MY LOAN?
We allow borrowers to use up to 30% of proceeds on a cash-out refinance to pay off property taxes and judgments. Mortgages can be paid with up to 100% of proceeds.
WHERE DO YOU LEND?
We lend in 34 states: AL, AR, CO, CT, FL, GA†, IA, IL, IN, KY, LA, MD, ME, MI, MO, MS, MT, NC, NH, NJ, NM, NY, OH, OK, PA, SC, TN, TX, UT, VA†, WA, WI, WV & WY.
†Must close in an entity (LLC, partnership, corporation or non-profit).
To buy investment property in other areas please contact Scott for funding availability.
HERE’S HOW TO START
Download and complete the following forms:
Our online application
Loan Summary
Right click and and select Save Link As… to save the forms to your computer.
Fax or email those forms back along with following information:
– The executed Purchase Agreement (not needed to get get pre-approved)
– 1 Form of Borrower ID
– LLC, LP or Corp Docs (If Applicable)
Please send me ONE email or fax and place the property address in subject line of the email:
Fax: (844) 200-FAXX (3299)
email: Scott @ REIAssociation.com
NOTE: If you’re having problems viewing the PDF, or Acrobat Reader is telling you that your file is damaged, please update to the latest version of Adobe Acrobat Reader. It’s free, and will usually solve your problem.
If you continue to have problems, you can send me an email. Please be patient with my response. It usually takes me 24 hours to reply.
“Flexible underwriting allowed me to close fast even with a