Do you require a credit check?
No, as a private, asset based lender, we do not require a credit check.
Can I use your loan to purchase a home to live in?
No, our loans are strictly for investment properties. We cannot make a loan to someone who will live in the property.
Do you loan on apartments or office buildings?
No, we only make loans on single family residential properties.
Do you make loans for new construction?
No, we only loan on existing structures.
Do you loan on fire damaged properties?
No, fire damaged properties are not accepted.
May I purchase the property with my LLC or other entity?
Yes, you may purchase in the name of your LLC or your personal name.
Do I need title insurance? Homeowners insurance?
Yes, funding requires closing through a closing attorney/ title company.
We will need a lender’s title policy as well as an owner’s title policy.
Special homeowner’s insurance is required for the life of the loan to cover the full amount of the loan. This policy must cover- builder's risk and vacancy. Our company name must show on the policy as the Mortgagee.
Do you make loans outside of Memphis?
We make loans primarily in Shelby Co. Tennessee,as well as Desoto Co. Mississippi. We do not make loans in Arkansas.
How quickly can I close?
We can close quickly. Typically in 10 business days or less.
All closings require clear title and all requested documents received, reviewed, and approved.
Do you provide renovation funds?
Yes, we can loan up to 75% of the After Repair Value (ARV) of the property.
Ex: a property with an ARV of $200,000.
Property purchase price: $105,000
Renovation budget : $45,000
Total Loan: $150,000
ARV $200,000 X .75 = $150,000
In this scenario we are able to lend the purchase price as well as the renovation cost.
How do you determine the After Repair Value?
We use comparable sold listings, near the subject property, sold no more than 6 months ago.
Do you have a minimum loan amount? Or minimum property value that you will lend on?
We will not lend on properties with ARV below $100,000. Our minimum loan is $75,000.
Do you have a maximum loan amount?
No.
How many loans can I do at one time?
We like to start slow and build trust with new borrowers.
Your experience and payment history are important factors.
Will I have to bring funds to closing?
Yes, the buyer will be responsible for paying the 5% origination fee, plus a $550 document prep fee as well as title attorney closing costs.
Do you offer long term financing?
No, we only offer short term financing.
