Are you direct lenders?
Yes. We are direct private lenders. We are not brokers.
How fast can you close a deal?
Once we have approved a deal and borrower wishes to move forward, we issue a Commitment Letter which details our loan terms and conditions. Borrower has to sign it and return to us. Upon our receipt of said letter, we can typically close within 10 to 14 days (barring any unforeseen issues with title and/or property inspection).
Where do you lend?
Virginia, Washington DC, Maryland, South Carolina and Florida
Do you lend on “as is” value or future value?
Both. If a property does not need repairs, we will lend up to 70% of the “as is” value. If property does need repairs, we will lend up to 70% of ARV (after repair value).
How do you calculate property value?
We look at sold comparables, DOM (days on market) and active listings to help us figure out value. Our target price range is a 90-day sales price.
Do you look at credit scores?
No. Credit scores are not a factor for approval. While we pull a credit report for each borrower, we do not evaluate trade lines or credit scores. We do, however, review the “Public Records” section to make sure there are no open judgments, liens, and/or bankruptcies.
Do you escrow for repairs?
Yes. We place repair money into an escrow account at settlement and reimburse you in draws (as the work is completed).