FREQUENTLY ASKED QUESTIONS

  • 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.

  • 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)
  • 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.
  • No, but there is a minimum origination fee of $2,500 on our 6-month loans.
  • No. If you pay your loan off early, you do not owe the monthly interest payments for the remaining term.
  • 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.
  • If adequate video and/or invoices are provided, we can typically send the rehab funds the following business day after they are requested.
  • 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)
  • A video starting at the outside of the front of the house and moving inside to show all completed work being requested in the rehab draw.
  • Desktop appraisal fee – $400
  • Processing fee – $600
  • Doc Prep Fee – $400
  • Origination fee – 5% for Fix & Flip and Bridge Loans
  • You may included Closing and Holding Costs in your rehab budget, and they can be used to cover interest and fees as long as they do not cause your loan to exceed 75% of the after-rehab value.
  • If you cannot pay off the loan by maturity, contact our Loan Servicer to request an extension. servicing@corelendfinancial.com
  • 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 3% for 3 months, all additional extensions are 1.25% for 1 month.
  • Payments are due on the 10th of every month.
  • 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.

CoreLend Financial

NMLS #1818623

4435 Summer Avenue

Memphis TN, 38122

(901) 350-0685

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