Frequently Asked Questions

Frequently Asked Hard Money Questions

Curious about what we are offering as an asset based hard money lender? Have a look below at our most frequently asked questions.

How Fast Can I Receive The Money From My Hard Money Loan?

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     We have closed and funded equity loans within three days of the borrower first contacting us. If there is no rush, loans typically take about one to two weeks to close. Most of this time is spent working with the title company on obtaining a title insurance commitment for the subject property.

Do You Work With Brokers?

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     Brokers are an integral part of our business and we are always willing to work with them.  We have several brokers who have worked with us for almost a decade.  This is a result of our quick decision making process, we don’t like to waste people’s time, and the fact that we protect their interests by ensuring that they are paid their agreed upon brokerage fee from the HUD statement at closing

What Are The Lending Fees?

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We do not charge any application fee or other upfront fee. When your hard money loan closes we will charge points and a loan underwriting fee. We usually charge between 2 to 4 points while the underwriting  fee varies from $750 – $2000. These amounts will be placed on the HUD statement and paid from the loan proceeds. The title company that closes the loan will charge its normal fees for recording the deed of trust and providing title insurance.

What Types of Loans Do You Not do?

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     We are precluded from doing any loans that would qualify as consumer loans. We also do not generally lend on owner occupied properties or land.

What Kinds Of Assets Do You Lend On?

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     We lend on all types of real estate located in Virginia, Maryland, and Washington DC. Occasionally we will lend on properties in other states. We  typically do not lend on vacant land.

Do You Need A Credit Report Or Other Documentation?

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     No. As a hard money lender, we do not require a credit score. What we care about is the amount of equity you have in the property. We usually do not even require an appraisal if the property is within driving distance of Washington DC. If the property is unusual like a mixed use property or too far away for us to take a look at then you may be responsible for paying for an appraisal. If the property is leased than a copy of the lease and proof of rent being received is helpful. We are willing to lend more on a property that is receiving a steady stream of rent payments then a vacant property.

What Are Your Loan Terms?

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Fulford Lending is currently offering the following Terms for its Hard Money Loans:

  • Interest Rates from 10-15%
  • Points between 2-4
  • LTV up to 65%
  • Loan Size between $50,000 and $750,000
  • Interest Only Monthly Payments
  • Loan Terms up to 36-months
  • 1st Position liens preferred but we will accept 2nd position liens on a case by case basis

What areas do you lend in?

We lend primarily in Virginia, Maryland, and Washington D.C however we will consider other states on a case-by-case basis

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What types of hard money loans do you do?

Purchase, Bridge, Refinance, Equity Cash Out, Rehab, Fix & Flip, Fix & Hold and Construction

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What types of properties qualify for a Hard Money Loan?

Just about any type of property can qualify for a hard money loan including Single Family, Multifamily, Office, Retail, Mixed Use and Land

How much is fulford lending willing to lend?

Our hard money loans range between $50,000 – $750,000.  The actual loan amount will be based primarily on the loan to value ratio of the property.  We lend up to 65% of the property’s value. 

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What LTV (Loan To Value Ratio) Can I Expect?

We lend up to 65% LTVLTV: Loan to Asset Value Icon

How Long Are The Terms?

Our loan terms are usually 36 months with additional extensions available.
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What Loan Positions Would You Accept?

1st or 2nd, on second deeds of trust the interest rate and origination fees will be higher
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What Are Your Interest Rates?

We start at 10% for the first year.
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What Are Your Origination Fees?

Our Origination fees range from 3.0 to 4.25 points
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How Fast Can I Get My Money?

We can close within 10 days and have in special situations closed within 3. We are committed to fulfilling our borrowers deadlines
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Are Your Loans Interest Only?

Yes they are. We provide interest only loans with no Pre-Payment Penalty
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Do You Require a credit Score?

In reviewing your loan application, our primary considerations are that the loan is for a business or investment purpose and that the securitizing asset the loan has adequate value/cash flow to warrant the loan amount sought.

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