FREQUENTLY ASKED QUESTIONS

  • We can fund up to 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 up to 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.
  • There is no minimum loan amount or minimum origination fee on short-term loans. Our Refinance Loan has a $100k minimum loan for a single property or $150k minimum for a portfolio.
  • No pre-payment penalty on short-term loans. If you pay your loan off early, you do not owe the monthly interest payments for the remaining term. The only loan with a pre-payment penalty is the Refinance Loan.
  • Because we do all our own underwriting and doc preparation in house, we can fund short-term 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. Our Refinance Loan generally takes 30-days to close & fund.
  • If adequate video/invoices or access for inspections are provided, we 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.
  • Depending on the size and scope of the draw, an on-site inspection may be required. Our team can get to inspections very quickly if access is given.
      • Yes. Email our application processor your last 2-months’ bank statements, and he will be able to provide you with the letter. processing@corelendfinancial.com

 

  • Loan Origination Fee
  • Desktop Appraisal fee paid to appraiser at closing and ordered after closing.
  • No junk or hidden fees.
  • You may include closing and holding costs/fees in your rehab budget or total loan amount, 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.
  • Th interest rate on your loan will increase to 24% after original loan maturity. There is no extension fee.
  • Payments are due on the 1st 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. Contact servicing@corelendfinancial.com with questions.

CoreLend Financial

NMLS #1818623

4435 Summer Avenue

Memphis TN, 38122

(901) 350-0685

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