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Lamp
FAQ
Are you a lender?
Yes, we are a direct lender.
What is total loan cost?
Cost is around $1,900. $150 paid for credit reports when deal terms are agreed upon and term sheet is signed by borrowers; $1,750 paid at deal’s closing.
Do you have any upfront fees?
No, we do not charge any fees upfront.
Please specify the loan fees?
Legal and Documentation fee, Background and Criminal report, servicing setup and wire fee.
Do you charge for application?
We do NOT charge application fee.
Loan type?
Non-owner occupied and investment properties strictly.
What type of properties do you finance?
1-4 family, Condos, Mixed use, Multifamily (up to 50 units).
How fast can you fund?
As little as 3-5 days, but typically 7-10 days.
LTV or ARV?
We lend based on cost. We DO NOT lend on ARV basis.
Do you offer 100% LTV?
We only finance up to 85% of purchase and up to 100% of rehab.
Do you allow second liens on your loans?
Second liens on our transactions are not allowed.
Do you cross-collaterize loans?
Yes, we can cross colaterize existing loans to get higher LTV.
Minimum FICO score?
Minimum FICO Score of 620.
Criminal background?
Not allowed.
Citizenship?
Green Card Holder or US Citizen.
Personal guarantees?
Required.
Do you offer loans to LLC?
Yes, loan to LLC but with Personal Guarantees.
Can you lend to individuals?
Yes, we do but prefer to lend to LLC.
Personal loans?
We do NOT offer any personal loans.
Ground up construction?
Yes, we finance ground-up. But previous ground-up experience is required.
Information required for underwriting?
Bank statements, experience, credit, background and criminal reports.
Do you need appraisal?
Yes, we do.
Commercial Real Estate?
We do NOT offer commercial real estate loans.
Can a broker or another intermediary refer a client?
Yes, you can. Please give us a call to discuss how we can work together.
Where do you lend?
We lend in 40 US states, but we do not lend in AK, AZ, HI, ID, MN, NV, ND, SD, OR, UT.
What differentiates you from the other hard money loan lenders?
No points programs, low rates, great customer service, smooth execution and pragmatic underwriting.
Are you a hard money direct lender?
Yes, we a direct lender. We are private hard money lender but our rates are low and we don’t charge points so most clients don’t even consider our loans as hard money financing.