Frequently Asked Questions

  • Do I need to make a down payment?

    • We can fund 100% of your purchase and rehab cost. For short-term loans we fund up to 75% of the after-repair value. For long-term loans, we fund 75% of the full appraised value.
  • What criteria does CoreLend use to approve or deny a loan application?

    • We analyze both the borrower and the property to ensure the likelihood of a positive outcome. Before approving a loan, we analyze:

      1. Comparable Properties to arrive at an after-repair value
      2. As-is Photos
      3. Itemized scope of work
      4. Bank statements
      5. Purchase contract
      6. LLC docs
      7. Lease & ledger (if applicable)
  • Does CoreLend run my credit?

    • Only on our long-term or new construction loans. Once we receive a credit authorization from you, we will do a soft pull. Once we receive the signed term sheet, we will do a hard pull.
    • When reviewing short-term loan applications, we focus primarily on the asset itself and do not require a credit report.
  • Is there a minimum loan amount for short-term loans?

    • No, but there is a minimum origination fee of $2,000 on our 4-month loans.
  • Is there a pre-payment penalty?

    • No. If you pay your loan off early, you do not owe the monthly interest payments for the remaining term.
  • How fast can you close & fund?

    • Because we do all our own underwriting and doc preparation in house, we can fund most loans within a week of receiving the application and required docs assuming title work has already been started with your closing agent. Title work usually takes 7-10 days to receive and any issues will need to be resolved prior to closing.
  • How long does it take to receive rehab draws?

    • If adequate pictures and/or invoices are provided, we can typically send the rehab funds the following business day after they are requested.
  • What do you need from me to request a draw?

    • An invoice showing which rehab items have been completed and the amount requested for each line item based on your rehab budget. (Please note we cannot pay out more than you have budgeted for any item)
    • Photos of the completed work for each item being requested
  • Can I get a pre-approval or proof of funds letter?

  • What fees are involved when creating a short-term loan with CoreLend?

    • Desktop appraisal fee - $250 ($350 for duplexes)
    • Processing fee - $500
    • Doc Prep Fee - $250
    • Origination fee - 4% for Fix & Flip and Bridge Loans
  • Can I wrap my fees or payments into my loan?

    • Our policy is to collect the origination fee at closing and the interest payment each month that we service the loan.
  • What if I need to extend the loan?

    • If you cannot pay off the loan by maturity, contact Claudette to request and extension.
    • We are unable to extend loans beyond 12 months. An on-site inspection is required before any extension can be granted.
    • For Fix & Flip and Bridge Loans; first extension is 2% for 2 months, all additional extensions are 1% for 1 month.
  • When are my payments due?

    • Payments are due on the 10th of every month.
  • How can I pay?

    • You will receive an email once your loan is set up in our system with an ACH Authorization form. We can set this ACH up for you or you can mail or bring a check to our office at 4435 Summer Ave. Memphis, TN 38122. We are working to be able to accept credit card payments as well.