TransUnion, Equifax, and Experian.

It lasts for 90 days.

We lend per property and are not able to offer that now.

Debt Service Credit Ratio - 1:1, the income from the property must be 10%higher than monthly expense

DTI means debt-to-income. We do not check DTI because we focus on rental income, this is usually done by banks, not by a private lender.

Credit repair is usually good for 5-30 points. If someone's credit is 100 points below our minimum , then they are not qualified.

We use Universal Credit to run all three scores. We use the middle score to determine your qualifications.

A 1031 exchange is a USA tax benefit for real estate. It means a borrower sold a property and needs to buy another one within a very short period of time.

LOC is an account that lets you borrow money when you need it. We don't cater this type of project.

It is a hard pull on credit.

It is not a commercial unit. They are called short-term rentals. We don't do Airbnbs as of now.

The minimum purchase price is $80,000 per unit /property.

A single Family minimum would be $75,000-$80,000. 

Typically no. Ask the client if the property is a farm or if there's a farm on the property. If they say yes, explain that we do not lend on agricultural land.

1-20 units for fix-and-flip and 1-8 units for long term rental. 

A Property can be a standalone dwelling on a block of land (e.g., a house) or contain smaller dwellings called Units grouped on the same block/property and share common areas like driveways and gardens.

No, we do not lend on manufactured or mobile homes. 

No. We don't permit family transactions. Our investors do not allow it.

Figuring out whether your condo is warrantable isn't an easy task. Fannie Mae and Freddie Mac don't keep a public list of approved projects.

Instead, your lender (or a real estate agent, if you're selling) may have t o order a condo project review to determine whether the property is warrantable.

To find out if a condo is warrantable, we should send a form to the borrower and they need to have it answered by the Condo Board of the property before reverting the document back to us.

Yes, it would be considered a "Stabilized Bridge Loan." 

Yes we do. It is a fix-and-flip project

Yes, for the short-term bridge loan. 

No. It is more of a commercial real estate.

Yes on a fix-and-flip program.

We don't provide financing to tenement buildings. A tenement is a type of building shared by multiple dwellings, typically with flats or apartments on each floor and with shared entrance stairway access.

No, we don't do mixed-use conversions.

15% for Fix-and-Flip and 20% for Rental Purchase. A refinance has no minimum down payment because they are not acquiring a new property. 

Minimum loan amount in this market is $150,000.

When a property has zero debt, there cannot be a rate & term refinance, only cash out.

We could do mixed-use property on a fix-and-flip program as long as the property is over 50% residential. We don't do mixed-use for rentals. We also don't cater mixed-use buildings in Iowa and Maine.

When a property has zero debt, there cannot be a rate & term refinance, only cash out.

When a property has zero debt, there cannot be a rate & term refinance, only cash out.

When a property has zero debt, there cannot be a rate & term refinance, only cash out.

When a property has zero debt, there cannot be a rate & term refinance, only cash out.

Yes. We do.

Yes we can, but we need to make sure the property has enough equity and we are the only lender of the property. We should check the As-is Value and ARV of the property.

Failure to pay will cause the loan to go into default . A mortgage default can cause a borrower to lose their house and damage their credit score.

Origination points starts 2% t o 3%

It can be either or as long as we can source the funds.

We don't do non-recourse loan. A non-recourse loan is a type of debt that’s secured by collateral, such as an individual's car, house or another typically illiquid asset. By securing a non-recourse loan, the lender won't have the ability to pursue the borrower's other assets if they are unable to repay the full loan amount after the collateral has been sold.

No, we cannot do 30 year old products in mixed-use or commercial, only residential.

Technically yes, but he will have to pay a penalty for selling early. It depends on the properties location and what kind of prepayment penalty we put on the loan. A prepayment penalty is a fee we charge in case the borrower decides to sell or payoff within a certain period of time. Most of the time it is 5 years, sometimes it's 3 years or none at all.

No, we don't . Primary Loan means the loan provided by the primary lender that is used by the applicant to purchase a personal residence. A primary loan shall provide for a fixed interest rate and equal monthly payments of principal and interest for the term of the loan.

Yes we do for investment not for primary. 

No. We offer private loans not conventional. Conventional is offered by traditional banks and they focus on personal income and tax returns to qualify the borrower.

No, we do not.

Buy, Rehab, Rent , Refinance, Repeat . Very popular in real estate.

The property should be vacant. We don't typically collect reserves but we want to see that they have enough money in their bank account for monthly payments.

Yes we do, for 30 year terms only. 

No, we do not.

We check bank statements but do not require proof of income or tax returns.

We check bank statements but do not require proof of income or tax returns.

It will depend on the experience of the Borrower, Value of the Property, and Credit Score.

Medical collections do not affect us. We can even help them to get it removed. 

No we do not. 

Yes, we can work together with a 1099 employee. A 1099 employee is an independent contractor or or other self-employed worker that completes particular jobs or assignments.

Yes. We have a loan program for Foreign Nationals

Down payment is 30%-35%

Yes, we can lend to foreign nationals. They must close under an LLC/CORP and guarantee the loan. The property can only be used for investment purposes. 

No one can be a guarantor as well, but he has SSN and an American-based LLC. 

We are able to lend to foreign nationals. However, the leverage isn't our standard leverage. You can ask the same questions, minus the credit score part.

Yes. We have a loan program for Foreign Nationals

If they acquired the property with debt (with a loan), we can refinance them in 3 months. If they bought the property all cash, we can refinance them in 6 months.

Four months for fix-and-flip loans and for our rental loans, it varies from three t o five years.

Typically we do not, but a loan officer can make the final decision If the client asks for an NDA, we should ask why. Once we get the client's reason, we should inform them that our loan officer will be in touch with them to discuss this matter.

It's just an LLC, there's no type of LLC.