We primarily lend in the states of Maryland, Delaware, Virginia and the District of Columbia. We know this area like the back of our hand and this benefits both all parties involved. Doing deals in unfamiliar territories sometimes, is not a prudent decision, no matter how good of a deal you think it is. But we can make exceptions!
As mentioned we make this as easy as possible for you but the answer is no. someone from our team will come out and meet you at the property. By doing so, we can stay in touch with our clients and maybe point out a few things that may have been overlooked.
Of course, if the property that's being used as collateral is free and clear or has an LTV of 50% or less, it can be done. This can happen if a borrower has been with us for a while and has a proven track record and experience in these type of loan structures. So give us a call to look at all the particulars!
The amount to fund your deal is predicated on a few factors (1) the after repair value (ARV) (2) the acquisition and repair cost (3) your ability and strength to repay the loan.
Sometimes but it all depends on the deal and the length of experience you have doing deals. If this is a solid deal and the borrower has a proven track record, yes we can do that!
As mentioned, the deal and the numbers will qualify you for a loan. You will find when it comes to funding, we are a little more flexible when it comes to other lenders.
You should have an understanding of what a rehab entails but a deal has to have some great numbers. In order to get funding you need to have a plan on what it is you're doing and enough reserves available. It wouldn't benefit us or you taking on a project that you can't handle. We can assist and educate you on rehabbing but please be mindful that we want you to be successful.
Yes in most cases you will need to pay for closing cost and points at settlement. We do expect you to have cash reserves available to begin your project's renovations and to have funds available to make your interest payments. Once each phase of the project is inspected and completed, the draw will be released to you. Please keep in mind you should always have funds for overages.
Yes, we will need to pull your credit for the obvious reasons. We need to verify who we are lending to as well as to see if you have had any unfortunate dealings in past. It is very important for all parties involved to be transparent and establish a strong trust with one another. We want to have an ongoing relationship so we can assist you with all your transactions!
We are a commercial lender, so we don't lend on owner-occupied properties. The property must be vacant. The property can be a single-family home, attached or detached and no more than 4- units. Anything above that is considered a commercial building. But if the numbers are right, we do commercial deals from time to time.
Yes, it should be at least a builder's risk policy for the property that you will be renovating. If the property is currently occupied a Landlord policy will need to be in place. You are also responsible for your own utilities, water and the removal of debris (contact them prior to funding).
No, all transaction and settlements are done by our title company. They are a well respected and very knowledgeable title company. They are well versed in all sorts of real estate transaction in the state of Maryland. They are locally owned and have one the best title company staff in the state.
Phone: 877-327-2868
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6400 Baltimore National Pike, Baltimore, MD 21228