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?
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?
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?
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.