F.aq's FOR EMD & OTHER FUNDING
funding questions for 100k+
Funding is available in all states except for North Dakota, South Dakota, Minnesota, Vermont, and Idaho.
For our Fix/Flip, New Construction, and Bridge our typical term is 12-18 months depending on the project size. For our DSCR rental loans the term is 30 years with varying options for prepayment penalty and ARM’s with interest only periods if they are desired. accessible to all our visitors.
For our Fix/Flip, New Construction, and Bridge we will close typically in 2-3 weeks but can close faster with appraisal, title, and other necessary docs in hand. Our Rental DSCR can close in 4-5 weeks. We can close quicker with above-average response times, great organization, and preparation.
For experienced investors our minimum is 650 and for newer investors and our rental DSCR loans 680 is our minimum.
Our loans are considered “light doc” loans where we are looking at the liquidity, creditworthiness, experience of the borrower, and deal specifics. We require proof of liquidity through bank statements and a stated income personal financial statement but we are not looking at tax returns and income verification.
Our minimum funding size is $100,000. We will lend sometimes below $100,000 on a case by case basis from $75,000-$100,000 depending on the deal structure and location. Our rental DSCR funding require a minimum of $100,000/unit for a refinance/purchase.
Funding is not available within 5 years of a recent bankruptcy or foreclosure.
After the application has been completed and submitted an underwriter from our team would reach out to go over the deal and information provided including financials, experience, and next steps. After the borrower interview call if we mutually decide to move forward we would order the appraisal from one of our vetted sources by either an AMC (Appraisal Management Company) or approved appraiser.
We deploy our own funds on select projects as it is available and also manage multiple capital sources to provide the very best options and flexibility for our funding
Underwriting is looking at both the deal and the borrower(s). Part of the asset in the deal is the operator and a good deal can be spoiled by a bad borrower. We want to understand if the deal makes sense and that we are comfortable that the borrower will make their payments on time, complete the project within the term period, and return the money to us.
Trust can be complicated to lend on or refinance with but we can look at the trust documents on a case-by-case basis and determine what challenges or if it would preclude us from funding to one. The trust would be required to be irrevocable in all cases if we were able to lend to one.
For our Fix/Flip, New Construction, and Bridge funding we do not have any prepayment penalties. With the Rental DSCR funding the prepayment penalties can vary from 1-5 years.
emd funding $1,000 - $100,000
We are presently open to funding requests ranging from $1,000 to $100,000 for EMD (Earnest Money Deposit). Requests exceeding $80,000 will necessitate the submission of supplementary documents.
We can provide funding to these states; however, we will need additional documents to be signed.
No credit check required! We understand that traditional credit assessments can be a roadblock for many individuals with Earnest Monday Funding. That’s why our process is designed to provide you with the financial solutions. Earnest Money Funding is determined based on other criteria, making it easier and more accessible for you to secure the support you require. Your financial goals are within reach, and we’re here to help you achieve them, no credit check needed, no tax returns and no bank statements needed
- Signed Purchase Contract
- Drivers License
- Comps within 90 days
- ARV
- As-Is Value
- Exit Strategy