Get Your Hard Money Loan Started Today!
Flexible Financing Solutions for Real Estate Projects
Our system is built on providing exceptional customer service, simple loan terms, no hidden or “junk” fees, and creating a valued partnership with our investors and customers. We don’t just lend money; we show our customers the best way to maximize their investments.
Our Lending Process
The application process is very simple. Simply fill out our application online or print out and fax or email it directly to us. Provide us with your personal information, as well as the information about the property. The application must be filled out, in its entirety, before we can begin our valuation process. The application is free and we can process that application within 24 hours!
AFTER REPAIR VALUE
After the application has been received, we will conduct our After Repair Value process. We will conduct a market analysis on the property, to see what has sold in the area of the potential flip, within the last 6 months, to value the property. We have access to the Multiple Listing Service, which allows us to pull comprehensive market data to value the property for what we believe it will sell. Once that price has been established, we will loan 70% of the ARV at closing. For example, if the property is found to be worth $100,000.00, we will loan 70% of that ARV, minus repairs.
Once we have conducted the ARV Analysis, we will issue a Pre-Approval letter. This approval letter is subject to a site visit by Entrust Capital Funding. At this time, we will examine the home and do a couple of things. We will revise our evaluation, either up or down, due to factors like the neighborhood, condition of the property, unknown features etc. We will also look at the property and make an assessment on how much we feel the repairs will cost. After the site visit, we will issue a Final Approval Letter, in which the final amount we will bring to closing, as well as how much we will keep in escrow for repairs.
The only upfront costs associated with a Hard Money loan from Entrust Capital Funding is $400.00 to open up title and draw up the Loan Documents. Entrust Capital Funding has the ability to close files within 7 days, as we have the funds readily available, as long as title is clear. All closing costs are the responsibility of the borrower.
Once the property closes and funds, the borrower can begin the work of renovating the property. Entrust Capital Funding holds funds for repairs and will distribute those funds on a pre-determined Repair Draw schedule. For example, if the property requires $10,000 in repairs, we would structure our draws as $2,000 for exterior renovation and $8,000 for interior repairs. Once you feel that the exterior repairs are done, contact us and we will go and inspect the renovations. We will not tell you HOW to renovate the property, but we will make sure the all renovations are done completely and to code. If we see the exterior is completed, we will disburse the $2,000 to you. Once the interior repairs are done and we have inspected those repairs, we will issue the final draw of $8,000. Repair draws and schedule are subject to the property.
SELL & PAYOFF
Once all the renovations have been completed, put the property on the market and sell! You will still be responsible for the payments on the property until the time that it sells. If it does not sell before the maturity date, which is one year unless otherwise stated in the Loan Documents, then you will need to either pay off the loan or refinance at that time. If the property sells, payoff your loan and we can work on the next deal!