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Suburban Family Home

FREQUENTLY ASKED QUESTIONS

  • Are you a direct lender?

Yes, we are a direct lender. This means you speak with the decision-makers. This gives us flexibility in structuring deals that meet our borrowers’ needs.

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  • Are your rates higher than a bank?

Yes, our rates are typically higher than bank rates but we offer programs that banks do not offer.

 

  • Do you provide no-doc loans?

Yes, we offer “no-doc” and “limited documentation” loans

 

  • What are the benefits of Fast Money For Flips International?

Same Day Approvals

 

  • Why Choose Fast Money For Flips International?

Fast Money For Flips International offers private lending and hard money programs across the country on commercial real estate. We offer flexible terms, can close within just a few days, and understanding of special situations.

 

  • Why would someone use a private lender?

Borrowers come to us because they have been turned down by banks or conventional lenders. Our borrowers need a lender that can close quickly and understand special situations.

 

  • Do you lend on owner-occupied residences?

Sorry, we only lend to non-owner-occupied residences.

 

  • Do you lend on value-added properties?

Yes, we do!

 

  • Do you offer construction loans?

Yes, we do!

 

  • Do you provide fix-and-flip or rehab loans?

Yes, and we can fund the rehab in draws.

 

  • How much of a down payment do I need?

It depends on the situation. Our loans are collateral-driven and we focus on the value of the real estate. If necessary, we allow borrowers to use additional collateral instead of a down payment.

 

  • Is there a minimum property value?

Yes, we require a minimum property value of $250,000.

 

  • What is your minimum loan amount?

Minimum: $100,000

 

  • What type of loans do we offer?

We offer loans on both commercial, residential investment properties and Land owner loan. We do not offer personal loans, unsecured business loans, or residential owner-occupied loans.

 

  • What types of property do we not lend on?

We do not lend on land, rural, construction, development, assisted living facilities, or specialty properties.

 

  • Where do you lend?

We lend in all states except :

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  1. North Dakota

  2. South Dakota

  3. Vermont

  4. Nevada

 

  • Do you lend on owner-occupied residences?

Sorry, we only lend to non-owner-occupied residences.

 

  • Do you lend on value-added properties?

Yes, we do!

 

  • Do you offer construction loans?

Only in South Florida.

 

  • Do you provide fix-and-flip or rehab loans?

Yes, and we can fund the rehab in draws.

 

  • How much of a down payment do I need?

It depends on the situation. Our loans are collateral-driven and we focus on the value of the real estate. If necessary, we allow borrowers to use additional collateral instead of a down payment.

 

  • Is there a minimum property value?

Yes, we require a minimum property value of $250,000.

 

  • What is your minimum and maximum loan amount?

  1. Minimum: $100,000

  2. Maximum: $4,000,000

 

  • What type of loans do we offer?

We offer loans on both commercial and residential-investment properties. We do not offer personal loans, unsecured business loans, or residential owner-occupied loans.

 

  • What types of property do we not lend on?

We do not lend on land, rural, construction, development, assisted living facilities, or specialty properties.

 

  • How do I request a payoff statement?

Please contact us at least 5 days before the payoff date.

 

Loan Servicing

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  • Do I need proof of mortgage satisfaction for an old loan that was paid off?

Yes. Please contact us Jeffrey@fastmoneyforflips.com and please send a copy of the mortgage and/or title policy with your contact information.

 

  • How do I change my contact information?

Please send us your new contact information and we will update our records.

 

  • How do I make a payment?

We accept payment through the following methods:

  1. You can mail us a check.

  2. Pay online through your bank’s bill pay

  3. Wire us the funds

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  • How do I request a draw?

Send us an email with a draw request and pictures of the progress on the property. Please make sure to allow enough time for us to do an inspection.

 

  • How do I request a payoff statement?

Please contact us at least 5 days before the payoff date.

 

  • What do I do if my homeowner's insurance or taxes increase?

Please send us the new bills. If we are escrowing for taxes and insurance, we will adjust your monthly escrow payment.

 

  • What to do if I can’t make a payment?

If you can’t make a payment, please call or email us. We try to work with all of our borrowers.

 

  • What to do If I can’t pay the mortgage by the maturity or balloon date?

Please request an extension by phone or email.

 

  • Are there any pre-payment penalties?

Yes, we typically require a minimum of 6-12 months of interest

 

  • Are there any upfront fees?

We require an upfront due diligence fee after the term sheet is signed. The remaining fees are due at the time of closing.

 

  • How long are your loans?

We offer loan terms between 6 months and 5 years.

 

  • Is there a minimum credit score requirement?

660 is a minimum credit score requirement. We do ask for a recent screenshot of your credit score.

 

  • What documents are needed to properly package a loan for lender review?

 

  1. Schedule of Real Estate Owned

  2. Person Financial Statement 

  3. Credit Report

  4. Rehab & Construction loans require a budget and scope of work

  5. Rent Roll

  6. Operating statement 

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