Frequently Asked Questions

13. I haven’t located a property yet, but can I get preapproved, to know if I will qualify?

Yes, it is recommended for you to get preapproved prior to submitting contracts. Preapproval means that you have provided us all of the financial information that we require so that we can submit your request for underwriting. Usually within 48 hours of receiving a complete financial package, we can respond to you as to if you have qualified, how much you have qualified for, what the current terms would be, and we will issue you a preapproval letter. The preapproval letter is good for 60 days. If you have not secured a contract on a property within that time, please contact us so that we can resubmit your file.

14. How does the improvement escrow money you are lending work?

In short, we hold the improvement money in an escrow account and disburse funds out of the account with proper invoices and receipts based on work that is in budget and completed at the project per inspection. This is the short answer, but more detailed instructions (both written and oral) will be provided to you at the time of application and at your loan closing and we have a knowledgeable and experienced draw department to assist you after closing as well.

15. What do I need to qualify? How do I apply?

If you are interested in applying for a fix-and-flip loan, please visit the “Apply for a Loan Link” and our “Contact Us” link.

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