- APPLY HERE or call Bob (410-804-0856) to talk through your deal. Based on the call and a look at the comps, we can usually tell if the loan is doable after just a few minutes on the phone.
- We both decide whether the deal works and the loan terms are acceptable and that we want to move forward.
- We’ll schedule a site visit to do an appraisal and look at the scope of the construction work. This can happen as early as the next day. The application/appraisal fee of $295, due at this point, covers both the time it takes to do the due diligence and setting aside the capital to fund your loan.
- After the meeting, we complete the due diligence and get you a Loan Commitment Letter…usually within 24 hours.
- You are now ready to close your transaction. You can use your own title company, but we recommend using King Title. Their fees are very competitive, David Pierce (attorney-in-charge) is excellent, and you’ll save the $450 document prep fee.
- While title work is being done, stay in touch with the title company and make sure things are progressing and everyone is communicating.
- Obtain insurance for the property and complete the construction draw schedule before closing. Once this is done, we are ready to fund the loan when the closing date is set.
- Close the transaction.
- Construction draws: Your project will have multiple phases, with all the tasks needed to rehab your house divided among the phases. When you complete the tasks in phase 1 of the draw schedule, give us a call and we come and inspect the work within 24-48 hours. If completed, we’ll write you a check on the spot. This is repeated for each of the draws in your schedule.
- Payments are due on the first of each month. Interest is in arrears and begins after the first full month following the closing of your loan.
THAT’S IT! We have tried to minimize the hassles and paperwork as much as possible. We also try to be very responsive, so you can focus on quickly and successfully completing your projects.