Questions? We have answers.
How do you decide the amount to lend?
It is based on the Asset you have under contract. Generally, we lend up to 90% of the purchase price and 90% of the rehab cost. Ask a loan officer how you can get up to a 100%
Why won’t you lend on owner-occupied properties?
Our current business model is to provide loans to real estate investors for non-owner-occupied real estate investments. If you are in need of funding for a home you will be occupying, enquire within and we can connect you with one of our owner-occupied funding partners.
I need 100% financing. Can you do that?
Yes. Ask a loan officer for more details. When joint venturing with us then we can indeed provide up to a 100% financing.
How long does it take to close a transaction from start to finish?
About 7 days after we receive all required documentation but receiving all documentation can take three to four weeks. The key factor is the amount of time it takes you and your team to supply all the supporting documentation. We can do our part in roughly 7 business days, but Investors seeking funding rarely get us the documents quickly enough and complete enough to meet that. Aim for 30 days whenever you can. Remember: If the amount of time needed to close is a factor, you probably have competition, and competition rarely translates into a good deal. Bring your deal in to discuss it with us.
What Does True 100% Funding Mean?
We will lend up to 100% towards your purchase, rehab, and closing costs when a joint venture is established between Results Capital Funding and the borrower… up to 70% of the ARV. The only out-of-pocket costs will be the Loan Application, The Appraisal Cost and The First Draw which will be reimbursed on the 2nd draw.
What Does FHA Cap Mean?
The FHA Cap represents the maximum loan amount in the county the investment property is located in. To find the FHA Cap in the county where the investment property is located click on the link below:
FHA Mortgage Limits (hud.gov)
What Does ARV Mean?
ARV stands for After-Repair Value. It is the estimated value of a property after completed renovations.
What Does Asset Based Lending Mean?
7Kbranded is an asset-based lender, what that means is we look at the investment property you have under contract to make our decision on loan approval as well as how much we can lend on your real estate investment property.
What Are the Loan Terms?
1. Max Loan Amount: Just Bring Us Your Deal! No cap on the loan amount if the numbers make sense. Rest assured; we will help you get it done. Call us today for more details.
2. Minimum Loan Amount: $30,000 up to the FHA Cap in the county where the property is located.
3. Rates start at 7.375% annualized interest with a 2.99% origination fee, and no prepayment penalties. (Rates are based on credit score but credit score does NOT determine loan approval.)
4. Loan Term: 6 Months to 2 Years for a fix & flip. 30 Years for a buy & hold.
5. One loan approved per applicant until proven track record.