We lend up to 100% of purchase and rehab costs for fix-and-flip properties.
When you have a rental property and need cash to rehab then re-fi.
We lend on most multi-family and commercial properties.
Terms vary based on the unique characteristics of the borrower and property, but generally here’s what you can expect.
There are no upfront valuation or application fees however (along with the 12% annual interest rate) our loans will cost you from 1 to 2 points (one point equals 1% of the loan amount).
Some or all of these points may have to be paid up-front, but often times we will let you build the points into the back of the loan (i.e., we will increase the loan amount to cover the points).
You will also be required to pay the closing/title/insurance/escrow company to perform the title search, close the loan and issue lender’s title insurance.
We like A, B, C neighborhoods in the Aiken-Augusta area. This may include Barnwell, Burke, Columbia, Edgefield, Lincoln, McCormick, McDuffie, Richmond, Washington, and Wilkes counties.
Approvals are granted within 24 hours and settlements usually take 5-7 business days to perform the title work and have loan documents drafted.
You will be required to pay for the closing/title/insurance/escrow company to close your loan, record a mortgage or deed of trust in the land records, and issue lender’s title insurance policy. Fees vary from title company to title company.
No. We do can not use the borrower’s or guarantor’s primary residences as collateral. State and Federal laws have strict disclosure requirements for consumer mortgage loans, as well as on fees and interest rates. We only provide business loans to passive and professional real estate inventors.
Yes. Most times we don’t worry about where you come up with the remaining money to buy the property, whether from a business partner or seller held promissory note. As a first lien holder, we will be the first party paid back if there’s a foreclosure and, thus, usually are not concerned with a second note holder.
We may be able to roll your points into your loan; but all third-party title fees and closing costs must be paid by you at closing to the title company.
Usually not but it could vary from deal to deal. As private lenders, we want to keep our money working, we may require a few months of minimum interest payment.
Before providing documents, let’s have quick conversation to make sure your project is a good fit for us.
Once tentatively approved, we may ask for:
We are committed to help you with your real estate project so if you are performing and need to extend your loan, its usually is fine. The initial loan term is usually 12 months but with time overruns its common to do extensions until you can exit the project.
Contact us to discuss the opportunity. If we like your deal, and you like our terms, we’ll send you a term sheet.
Sure. If your real estate transaction requires a lending pre-approval letter, we can provide that to you, most of the time in the same day it is requested.
No. Each deal stands on its own. If it makes good loan sense, you will get the loan regardless of how many properties you own. We have clients that we have multiple outstanding loans with at any time.