FAQs
General
Qualification for lending is easy. It all begins with a pre-qualification application that is quick and streamlined. When your documentation is organized and can be sent over quickly, this dramatically helps us get you to the closing table.
Call our team as soon as possible, and we will get you started!
We can usually close in about seven days depending upon your needs. Once we have you approved, clear the title process, complete survey, and a completed documentation list, we are well on our way to getting you closed on time.
Our lending is for single-family residential properties that are used for investment purposes. The investors we serve are either adding to their rental portfolios or are purchasing properties to be renovated to sell.
Expect to pay a minimum of 2% on origination points. Your interest rate will depend on several factors, experience being a very important one. Our rates are between 7.50% to 13% depending on your specific needs, financial profile, and most importantly, the property itself.
Private Loan
When you need funding to put towards your next fix-and-flip or rental investment property, Private Lending Loans are a convenient and fast way to access that capital. A Private Loan is a short-term loan secured by property rather than just your credit score and credit history. In this case, the property is your real estate investment.
Private Lending Loans can be beneficial because of the streamlined approach and the use of property as collateral versus credit. Compared to Traditional Loans, Private Lending Loans have fewer qualifications, easier application processes, and faster approvals and closings.
To help you in your research, here are the top 5 most frequent questions:
When trying to get a Private Loan, you will go through a Private Loan Lender. Private Loan Lender is a description that refers to non-bank lending, lending through a private person or organization. These lenders will use criteria they’re comfortable with when deciding who to lend to, most commonly using the value of the property to determine loan amounts and rates.
Many veteran real estate investors use Private Lender Loans to help fund their properties. The reason they choose Private Lender Loans is because of a number of pros: speed, flexibility, and fast approval process. Private Lender Loans are known for how quick it is to apply and get funding, which is crucial to landing the best deal for a property. Private loan lending also offers flexibility for the borrower, especially those who can’t obtain traditional funding. They can use the property as collateral instead of their own credit, which means they don’t have to worry about a lower credit score or higher personal debt-to-income ratio. Lastly, the likelihood of investors being approved is higher than traditional loans since the loan is based off of the property.
Interest rates for Private Lender Loans will vary based on the lender. Private individuals will apply their own rates based on market and other industry lenders, but the current market is currently anywhere between 10% – 18% interest-only. At Equus Capital, we have great rates for our Private Loans. For example, our Bridge Loans start at 6.99%. If you are curious about our Fix and Flip or Rental Loans, check out our loan options.
Points to close on a Private Loan will also vary based on the lender. Right now, many lenders point rates fall between 2% and 10% of the loan amount. Lenders will base this percentage on the risk, equity, and experience of the borrower. Because of this number, it’s important to have a clear strategy, especially if you’re a beginner.
Get Private Loan Questions Answered at Equus
At Equus Capital, we are a private money lender specializing in the financing of non-owner occupied residential investment properties. We have many loan options for real estate investors who are looking to refinance, purchase a rental property, or fix and flip a house. If you’re looking for more information about loans or are looking please contact one of Loan Officers today!
