Lenders Archives - Private Money Lender Chicago https://privatelendinggroups.com/faq_category/lenders/ Purchase, Rehab, Refinance, Bridge Loans Mon, 11 Jul 2022 06:27:05 +0000 en-US hourly 1 https://wordpress.org/?v=7.0 https://privatelendinggroups.com/wp-content/uploads/2022/07/cropped-plg-site-icon-32x32.png Lenders Archives - Private Money Lender Chicago https://privatelendinggroups.com/faq_category/lenders/ 32 32 Is there anywhere you do not fund private loans? https://privatelendinggroups.com/faq-items/is-there-anywhere-you-do-not-fund-private-loans/ https://privatelendinggroups.com/faq-items/is-there-anywhere-you-do-not-fund-private-loans/#respond Mon, 11 Jul 2022 06:27:05 +0000 https://plg2022.privatelendinggroups.com/?post_type=avada_faq&p=256 Our private lenders do not fund loans in Nevada.

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]]> Our private lenders do not fund loans in Nevada.

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]]> https://privatelendinggroups.com/faq-items/is-there-anywhere-you-do-not-fund-private-loans/feed/ 0 Can you close with your attorney or do you require we close with your attorney? https://privatelendinggroups.com/faq-items/can-you-close-with-your-attorney-or-do-you-require-we-close-with-your-attorney/ https://privatelendinggroups.com/faq-items/can-you-close-with-your-attorney-or-do-you-require-we-close-with-your-attorney/#respond Mon, 11 Jul 2022 06:26:45 +0000 https://plg2022.privatelendinggroups.com/?post_type=avada_faq&p=253 All loans will be closed with our attorney or title company. The only exception will be when the seller is a bank and the bank requires that the closing be held at their title companies office.

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]]> All loans will be closed with our attorney or title company. The only exception will be when the seller is a bank and the bank requires that the closing be held at their title companies office.

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]]> https://privatelendinggroups.com/faq-items/can-you-close-with-your-attorney-or-do-you-require-we-close-with-your-attorney/feed/ 0 Are there any upfront fees? Application fees? Inspection fees? https://privatelendinggroups.com/faq-items/are-there-any-upfront-fees-application-fees-inspection-fees/ https://privatelendinggroups.com/faq-items/are-there-any-upfront-fees-application-fees-inspection-fees/#respond Mon, 11 Jul 2022 06:26:22 +0000 https://plg2022.privatelendinggroups.com/?post_type=avada_faq&p=250 We do not require any upfront fees or application fees. Once you have approved our loan terms, we will order a property inspection and the fee for SFH, 1-4 units is $300 and is due upon inspection. After Inspection we will order a title search on the property and prepare closing documents.

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]]> We do not require any upfront fees or application fees. Once you have approved our loan terms, we will order a property inspection and the fee for SFH, 1-4 units is $300 and is due upon inspection. After Inspection we will order a title search on the property and prepare closing documents.

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]]> https://privatelendinggroups.com/faq-items/are-there-any-upfront-fees-application-fees-inspection-fees/feed/ 0 Can the points, closing costs, and interest be rolled into the loan? https://privatelendinggroups.com/faq-items/can-the-points-closing-costs-and-interest-be-rolled-into-the-loan/ https://privatelendinggroups.com/faq-items/can-the-points-closing-costs-and-interest-be-rolled-into-the-loan/#respond Mon, 11 Jul 2022 06:25:59 +0000 https://plg2022.privatelendinggroups.com/?post_type=avada_faq&p=247 Yes, we can roll closing costs into the loan. Interest payments are made monthly beginning on the 1st or 5th day of each month.

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]]> Yes, we can roll closing costs into the loan. Interest payments are made monthly beginning on the 1st or 5th day of each month.

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]]> https://privatelendinggroups.com/faq-items/can-the-points-closing-costs-and-interest-be-rolled-into-the-loan/feed/ 0 Do you require a down payment? https://privatelendinggroups.com/faq-items/do-you-require-a-down-payment/ https://privatelendinggroups.com/faq-items/do-you-require-a-down-payment/#respond Mon, 11 Jul 2022 06:25:37 +0000 https://plg2022.privatelendinggroups.com/?post_type=avada_faq&p=244 Yes, depending upon the buyer’s credit and financial strength, our private lenders can finance 75% of the purchase price and 75% of the repairs up to 65% of the after repaired value (ARV) of the property.

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]]> Yes, depending upon the buyer’s credit and financial strength, our private lenders can finance 75% of the purchase price and 75% of the repairs up to 65% of the after repaired value (ARV) of the property.

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]]> https://privatelendinggroups.com/faq-items/do-you-require-a-down-payment/feed/ 0 Do I need to have a property under contract before applying for a hard money loan? https://privatelendinggroups.com/faq-items/do-i-need-to-have-a-property-under-contract-before-applying-for-a-hard-money-loan/ https://privatelendinggroups.com/faq-items/do-i-need-to-have-a-property-under-contract-before-applying-for-a-hard-money-loan/#respond Mon, 11 Jul 2022 06:25:18 +0000 https://plg2022.privatelendinggroups.com/?post_type=avada_faq&p=241 Our private money lenders can pre-approve you for our loan program prior to placing a property under contract.

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]]> Our private money lenders can pre-approve you for our loan program prior to placing a property under contract.

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]]> https://privatelendinggroups.com/faq-items/do-i-need-to-have-a-property-under-contract-before-applying-for-a-hard-money-loan/feed/ 0 Can anyone live in the house during the course of the loan? https://privatelendinggroups.com/faq-items/can-anyone-live-in-the-house-during-the-course-of-the-loan/ https://privatelendinggroups.com/faq-items/can-anyone-live-in-the-house-during-the-course-of-the-loan/#respond Mon, 11 Jul 2022 06:24:54 +0000 https://plg2022.privatelendinggroups.com/?post_type=avada_faq&p=238 No, our private lenders only lend on non-owner occupied properties.

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]]> No, our private lenders only lend on non-owner occupied properties.

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]]> https://privatelendinggroups.com/faq-items/can-anyone-live-in-the-house-during-the-course-of-the-loan/feed/ 0 Do you provide proof of funds letters? https://privatelendinggroups.com/faq-items/do-you-provide-proof-of-funds-letters/ https://privatelendinggroups.com/faq-items/do-you-provide-proof-of-funds-letters/#respond Mon, 11 Jul 2022 06:24:25 +0000 https://plg2022.privatelendinggroups.com/?post_type=avada_faq&p=235 Sometimes, provided you have been pre-approved.

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]]> Sometimes, provided you have been pre-approved.

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]]> https://privatelendinggroups.com/faq-items/do-you-provide-proof-of-funds-letters/feed/ 0 Do your private lenders lend money for repairs? https://privatelendinggroups.com/faq-items/do-your-private-lenders-lend-money-for-repairs/ https://privatelendinggroups.com/faq-items/do-your-private-lenders-lend-money-for-repairs/#respond Mon, 11 Jul 2022 06:23:58 +0000 https://plg2022.privatelendinggroups.com/?post_type=avada_faq&p=233 Yes, our private lenders lend money for repairs provided the total loan amount does not exceed 65% of the after repaired value (ARV) of the property. Repair money will be held in escrow and will be released in draws as you complete the renovations on your property; our private lenders will not provide any draw [...]

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]]> Yes, our private lenders lend money for repairs provided the total loan amount does not exceed 65% of the after repaired value (ARV) of the property. Repair money will be held in escrow and will be released in draws as you complete the renovations on your property; our private lenders will not provide any draw advances. The borrower is responsible for paying their contractors and material workers.

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]]> https://privatelendinggroups.com/faq-items/do-your-private-lenders-lend-money-for-repairs/feed/ 0 Do you charge prepayment penalties? https://privatelendinggroups.com/faq-items/do-you-charge-prepayment-penalties/ https://privatelendinggroups.com/faq-items/do-you-charge-prepayment-penalties/#respond Mon, 11 Jul 2022 06:17:24 +0000 https://plg2022.privatelendinggroups.com/?post_type=avada_faq&p=230 Yes, we have a minimum prepayment of four months’ interest. Your loan may be paid at any time with a prepayment penalty; the faster you rehab a property and sell or refinance it, the more profit you make.

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]]> Yes, we have a minimum prepayment of four months’ interest. Your loan may be paid at any time with a prepayment penalty; the faster you rehab a property and sell or refinance it, the more profit you make.

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