INVESTMARK MORTGAGE FAQS
Q&A: Investmark Programs and Terms
Q: What programs does Investmark offer?
A: Investmark provides three programs tailored for real estate investors:
- Fix-and-Flip Program: Short-term (up to 12 months), designed for purchasing, renovating, and selling properties for profit.
- Rental Program: Short-term (up to 12 months), intended for purchasing, renovating, and refinancing properties to hold as rentals.
- 30-Year Program: Long-term financing with options for fixed-rate or interest-only terms, ideal for cash-out or rate-and-term refinancing.
Fix-and-Flip Program
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- Purpose: Purchase, renovate, and sell properties for profit.
- Term: Short-term, up to 12 months.
- Loan Details:
- Interest rates starting at 12.99% (interest-only).
- Up to 75% Loan-to-Value (LTV).
- 100% financing available under certain conditions.
- Flat $1,495 processing fee.
- Loan fees starting from 2.49%.
- No income or W2 verification required.
- Quick closing, potentially in less than three weeks.
- Available for 1-4 unit properties.
- Open to U.S. citizens and foreign nationals.
- Loans can close in personal or entity names.
- No seasoning requirements.
- Credit reporting: Investmark does not report to credit bureaus.
Rental Program
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- Purpose: Purchase, renovate, and refinance properties to hold as rentals.
- Term: Options include 1, 2, or 5-year interest-only terms, or a 30-year fixed-rate.
- Loan Details:
- Interest rates starting at 11.99% (interest-only).
- Up to 75% LTV.
- 100% financing available under certain conditions.
- Flat $1,495 processing fee.
- Loan fees starting from 2.49%.
- No income or W2 verification required.
- Quick closing, potentially in less than three weeks.
- Available for 1-4 unit properties.
- Open to U.S. citizens and foreign nationals.
- Loans can close in personal or entity names.
- No seasoning requirements.
- Credit reporting: Investmark does not report to credit bureaus.
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Q: What is the 30 -year Program?
A: Investmark offers longterm mortgages for investment properties. Flexible terms:
- 30-year fixed-rate loans.
- 3-year and 5-year interest-only options available within the 30-year program.
- Cash-out or rate-and-term refinance options.
- No income or W2 verification required.
- Loans can close in personal or entity names.
- No seasoning requirements.
- Available to U.S. citizens and foreign nationals.
- Credit reporting: Investmark does not report to credit bureaus.
Q: Are there any unique benefits to Investmark loans?
A: Yes! Investmark offers:
- No income or W2 verification.
- Loans can close in personal or entity names.
- No seasoning requirements.
- Available to U.S. citizens and foreign nationals.
- Credit reporting: Investmark does not report to credit bureaus.
Q: Where can I find more information about the 30-year fixed-rate program?
A: For detailed information, https://www.investmarkmortgage.com/30-year/
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Appraisal Q&A
Q: Is an appraisal required for loan approval?
A: Yes, an appraisal is required for all loans.
Q: Who is responsible for ordering and paying for the appraisal?
A: We will order the appraisal, and the borrower will pay the appraiser directly.
Q: Do you accept alternative valuation methods, such as broker price opinions (BPOs) or automated valuation models (AVMs)?
A: No, we only accept full appraisals performed by our approved appraisers.
Q: Can I use a recent appraisal, or does it need to be a new one?
A: It depends. We’ll need to review the existing appraisal to determine if it meets our requirements.
Q: Do you have a list of approved appraisers, or can I choose my own?
A: We use our own trusted appraisers to ensure consistent and reliable valuations.
Q: What happens if the appraised value comes in lower than expected?
A: Great question. Here’s how we typically address it:
- Slightly lower value: You may need to bring additional funds to closing to meet the required loan-to-value (LTV).
- Significantly lower value: You might renegotiate the purchase price, bring more funds to closing, or choose not to move forward with the deal.
Q: Do you require after-repair value (ARV) appraisals for fix-and-flip loans?
A: Yes, ARV appraisals are required for fix-and-flip loans.
Q: Can the appraisal fee be included in the loan costs?
A: Yes, we can include the appraisal fee in the loan costs and list it on the HUD for payment at closing.
Q: Are drive-by or desktop appraisals acceptable for certain properties?
A: No, our appraisers must have full access to the property to accurately determine the after-repair value (ARV).
Q: How does the appraisal process work if the property is partially renovated or in distressed condition?
A: In such cases, we use a “subject-to” appraisal. This means the valuation is based on the property’s projected value after all repairs or renovations are completed.
Q: How much does an appraisal cost?
A: Appraisal costs vary depending on the property location and appraiser, but the average cost is around $500.
General Loan Questions
Q: What types of properties do you lend on (e.g., residential, commercial, apartments, land)?
A: We lend on residential properties, specifically 1-4 family units.
Q: Can the borrower live in the property, or does it need to be an investment property?
A: No, the borrower cannot live in the property or intend to occupy it. All of our loans are strictly for business purposes.
Q: Do you lend on owner-occupied properties?
A: No, we do not provide loans for owner-occupied properties.
Q: Do you provide loans for fix-and-flip projects?
A: Yes, we specialize in loans for fix-and-flip projects.
Q: Do you lend on new construction?
A: Yes, we lend on new construction, but approval depends on the investor and the specific project.
Q: Do you lend on land?
A: No, we do not provide loans for land purchases.
Q: Do you lend on renovations?
A: Yes, we provide loans for renovation projects.
Borrower Qualifications Q&A
Q: What credit score is required to qualify?
A: A minimum credit score of 680 is required to qualify. However, flexibility is possible depending on other compensating factors, such as strong income or additional cash reserves.
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Q: Do you require borrowers to have prior real estate investment experience?
A: No, prior real estate investment experience is not required.
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Q: Are first-time investors eligible for a loan?
A: Yes, first-time investors are eligible to apply for a loan.
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Q: What reserves do I need to show for approval (e.g., six months of payments)?
A: Typically, we like to see reserves equal to 20% of the loan amount for approval.
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Q: Is there flexibility if my credit score or reserves are lower than required?
A: Yes, flexibility is possible depending on other compensating factors, such as strong income or additional cash reserves. It’s always best to apply and not make assumptions about your eligibility based on credit or reserves alone.
Apply now
Property Requirements Q&A
Q: Do you require a survey of the property?
A: It depends on the property, but I can help you find out. The very best way is to call us or complete a free deal analysis. You can start here: Deal Analysis.
Q: Is an appraisal mandatory?
A: Yes, an appraisal is required for all loans.
Q: Are there restrictions on property types (e.g., condos, multi-family units, rural land)?
A: Yes, we only lend on single-family residential properties (1-4 family units). We do not lend on condos, multi-family properties, land, or rural properties.
Q: Does the property need to meet any specific condition or occupancy status?
A: Not necessarily, but I can help you find out. The very best way is to call us or complete a free deal analysis. You can start here: Deal Analysis.
Q: Can I get financing for distressed or foreclosed properties?
A: Yes, we provide financing for distressed or foreclosed properties.
Loan Terms and Fees Q&A
Q: What loan-to-value (LTV) ratio do you require, and do you offer 100% financing?
A: The maximum LTV for Rentals is 75% and 70% on Fix and Flip. If you qualify and the total of your purchase price and rehab costs is at or below the LTV, you can get 100% financing. In this case, you would only need to bring your closing costs to closing.
Q: Are there upfront fees to apply for the loan?
A: No, there are no upfront fees to apply for the loan.
Q: What is the typical interest rate and annual percentage rate (APR) for your loans?
A: Please refer to our hard money loans page for the latest rates.
Q: Are there any hidden fees, such as processing or document fees?
A: There are no hidden fees. Our processing fee is fully disclosed on our hard money loans page, and there is no document fee. However, we do charge a $35 monthly servicing fee.
Q: Do you charge points, and how many are standard?
A: Yes, we charge points. Please refer to our hard money loans page for the latest information on points.
Q: What are points, and how do they work?
A: Points represent a percentage of the loan amount. For example, if your loan amount is $200,000 and you are being charged 2 points, that would equal $4,000 in points.
Application and Approval Process Q&A
Q: What documentation do I need to provide for the application (e.g., income verification, tax returns)?
A: We only require a bank or financial institution statement showing the amount of reserves you stated on your application. We do not verify income.
Q: How long does the approval process typically take?
A: We can typically approve an application the same day we receive it.
Q: Do you require a business entity (LLC, corporation) to apply for the loan?
A: No, a business entity is not required to apply for the loan.
Q: Is there a minimum down payment, and can it be funded from other loans or gifts?
A: There is no minimum down payment requirement.
Q: Do you perform background checks or verify income?
A: Yes, we perform background checks, but we do not verify stated income.
Loan and Collateral Flexibility Q&A
Q: Do you allow multiple properties as collateral for a single loan?
A: Yes, we allow multiple properties to be used as collateral for a single loan.
Q: Can I get a second loan on a property I already financed through you?
A: This is not common, but it is possible to get a second loan. However, it would need to be through a different lender.
Q: Do you lend on properties owned free and clear?
A: Yes, we lend on properties that are owned free and clear.
Q: Can I use other assets, like personal savings or stocks, as collateral?
A: No, the property is the only collateral we require for our loans.
Q: Are bridge loans available if I need temporary financing?
A: Yes, bridge loans are available as long as there is a property that can be used as collateral.
Refinance and Cash-Out Questions Q&A
Q: Do you offer loans for cash-out refinancing?
A: Yes, we offer loans for cash-out refinancing.
Q: What percentage of the property’s appraised value can I cash out?
A: You can cash out up to 75% of the appraised value for a rental property and up to 70% for a fix-and-flip property.
Q: Can I refinance a property that already has a lien or mortgage?
A: Yes, you can refinance as long as the existing lien is paid off at closing.
Q: Are there specific requirements for refinancing an investment property?
A: Yes, the property must be a 1-4 family residential property and used for business purposes only.
Q: Can I refinance a property with construction or renovation underway?
A: No, construction or renovations must be completed before a refinance can take place.
Insurance and Risk Questions Q&A
Q: Do you require hazard insurance on the property before closing?
A: Yes, hazard insurance is required before closing.
Q: What happens if the property is in a flood zone?
A: If the property is in a flood zone, flood insurance will be required.
Q: Is liability insurance required during the loan term?
A: No, liability insurance is not required during the loan term.
Q: Do you require a builder’s risk policy for construction projects?
A: Yes, a builder’s risk policy is required for construction projects.
Q: What would prevent the loan from closing (e.g., legal disputes, environmental issues)?
A: The title must be clear before the loan can be closed.
Closing Process and Timing Q&A
Q: How long does it typically take to close after approval?
A: Closing can happen as soon as the title work is completed and we have received the appraisal.
Q: What documents will I need to provide at closing?
A: You will need to bring an acceptable form of ID required by the title company. If you are closing in an entity, any relevant company documents may also be required. Please coordinate with the title company to confirm their specific requirements.
Q: Can closing costs be rolled into the loan?
A: In most cases, closing costs cannot be rolled into the loan.
Q: Do you offer same-day or expedited closings?
A: We can typically close as soon as the appraisal is received, and the title company is ready to proceed.
Q: What happens if the closing date is delayed due to issues with the property or contract?
A: It depends on the specific issue affecting the property or contract. Please reach out so we can address any concerns promptly.
Loan Terms and Fees Q&A
Q: What loan-to-value (LTV) ratio do you require, and do you offer 100% financing?
A: The maximum LTV is 75% on Rentals and 70% on Fix and Flip. If you qualify and the total of your purchase price and rehab costs is at or below the LTV, you can get 100% financing. In this case, you would only need to bring your closing costs to closing.
Q: Are there upfront fees to apply for the loan?
A: No, there are no upfront fees to apply for the loan.
Q: What is the typical interest rate and annual percentage rate (APR) for your loans?
A: Please refer to our hard money loans page for the latest rates.
Q: Are there any hidden fees, such as processing or document fees?
A: There are no hidden fees. Our processing fee is fully disclosed on our hard money loans page, and there is no document fee. However, we do charge a $35 monthly servicing fee.
Q: Do you charge points, and how many are standard?
A: Yes, we charge points. Please refer to our hard money loans page for the latest information on points.
Q: What are points, and how do they work?
A: Points represent a percentage of the loan amount. For example, if your loan amount is $200,000 and you are being charged 2 points, that would equal $4,000 in points.
Application and Approval Process Q&A
Q: What documentation do I need to provide for the application (e.g., income verification, tax returns)?
A: We only require a bank or financial institution statement showing the amount of reserves you stated on your application. We do not verify income.
Q: How long does the approval process typically take?
A: We can typically approve an application the same day we receive it.
Q: Do you require a business entity (LLC, corporation) to apply for the loan?
A: No, a business entity is not required to apply for the loan.
Q: Is there a minimum down payment, and can it be funded from other loans or gifts?
A: There is no minimum down payment requirement.
Q: Do you perform background checks or verify income?
A: Yes, we perform background checks, but we do not verify stated income.
Loan and Collateral Flexibility Q&A
Q: Do you allow multiple properties as collateral for a single loan?
A: Yes, we allow multiple properties to be used as collateral for a single loan.
Q: Can I get a second loan on a property I already financed through you?
A: This is not common, but it is possible to get a second loan. However, it would need to be through a different lender.
Q: Do you lend on properties owned free and clear?
A: Yes, we lend on properties that are owned free and clear.
Q: Can I use other assets, like personal savings or stocks, as collateral?
A: No, the property is the only collateral we require for our loans.
Q: Are bridge loans available if I need temporary financing?
A: Yes, bridge loans are available as long as there is a property that can be used as collateral.
Refinance and Cash-Out Questions Q&A
Q: Do you offer loans for cash-out refinancing?
A: Yes, we offer loans for cash-out refinancing.
Q: What percentage of the property’s appraised value can I cash out?
A: You can cash out up to 75% of the appraised value for a rental property and up to 70% for a fix-and-flip property.
Q: Can I refinance a property that already has a lien or mortgage?
A: Yes, you can refinance as long as the existing lien is paid off at closing.
Q: Are there specific requirements for refinancing an investment property?
A: Yes, the property must be a 1-4 family residential property and used for business purposes only.
Q: Can I refinance a property with construction or renovation underway?
A: No, construction or renovations must be completed before a refinance can take place.
Insurance and Risk Questions Q&A
Q: Do you require hazard insurance on the property before closing?
A: Yes, hazard insurance is required before closing.
Q: What happens if the property is in a flood zone?
A: If the property is in a flood zone, flood insurance will be required.
Q: Is liability insurance required during the loan term?
A: No, liability insurance is not required during the loan term.
Q: Do you require a builder’s risk policy for construction projects?
A: Yes, a builder’s risk policy is required for construction projects.
Q: What would prevent the loan from closing (e.g., legal disputes, environmental issues)?
A: The title must be clear before the loan can be closed.
Closing Process and Timing Q&A
Q: How long does it typically take to close after approval?
A: Closing can happen as soon as the title work is completed and we have received the appraisal.
Q: What documents will I need to provide at closing?
A: You will need to bring an acceptable form of ID required by the title company. If you are closing in an entity, any relevant company documents may also be required. Please coordinate with the title company to confirm their specific requirements.
Q: Can closing costs be rolled into the loan?
A: In most cases, closing costs cannot be rolled into the loan.
Q: Do you offer same-day or expedited closings?
A: We can typically close as soon as the appraisal is received, and the title company is ready to proceed.
Q: What happens if the closing date is delayed due to issues with the property or contract?
A: It depends on the specific issue affecting the property or contract. Please reach out so we can address any concerns promptly.
Survey Questions Q&A
Q: Is a property survey required for loan approval?
A: In most cases, a survey is not required for loan approval.
Q: Who is responsible for ordering the survey?
A: The lender will place the survey order through the title company handling the transaction.
Q: Do you accept older surveys, or must they be current?
A: Surveys generally need to be less than seven years old. If nothing has changed on the property (e.g., no additions, pools, or other modifications), the existing survey may be sufficient.
Q: What happens if the survey reveals encroachments or boundary disputes?
A: Not all encroachments are deal breakers. In specific situations, our attorney will review the survey. However, if there is a boundary dispute, the loan will most likely not close until the issue is resolved.
Q: Can I proceed without a survey if the title company provides insurance for survey exceptions?
A: Yes, you can proceed without a survey if the title company provides insurance for survey exceptions.
Title Company Questions Q&A
Q: Do I need to use a specific title company, or can I choose my own?
A: Unless you already own the property and this is a refinance, the title company is typically selected by the seller of the property or the lender.
Q: Does the title company need to provide title insurance for the loan?
A: Yes, the title company must provide both an owner’s policy and a lender’s policy for the loan.
Deal Analysis Questions Q&A
Q: Do I need to have the property under contract before you can analyze the deal?
A: Not at all. We can help analyze the numbers for you even before you have the property under contract.
Q: Will you check my credit as part of the deal analysis?
A: No, we do not check your credit for a deal analysis.
Q: What information do you need to analyze my deal?
A: The following details are required:
- Property address
- Purchase price
- Repair estimates
- After-repair value (ARV)
- Exit strategy (e.g., rental or flip)
Q: Do I need to provide a scope of work for planned renovations?
A: No, but you should have a general idea of the renovation costs. A rough estimate is fine.
Q: How detailed should my repair budget be for analysis purposes?
A: It doesn’t need to be detailed, but the analysis is only as accurate as your numbers. If your repair estimate is far off, it could lead to a bad deal. A good rule of thumb is to be generous with your repair budget, as unexpected costs often arise.
Q: Can you analyze deals based on verbal or preliminary agreements without a contract?
A: Yes, deal analysis is simply an evaluation of the scenario. It’s not a contract and is free to do.
Q: Do you have tools or templates to help me analyze the profitability of my deal?
A: Yes! Please contact us, and we’ll email you a template.
Q: What specific metrics do you look at when analyzing a deal (e.g., LTV, ROI, cash flow)?
A: We evaluate a variety of factors, including your experience, the property’s condition, the repair estimate, and the ARV. The analysis provides an overall picture to help determine if the deal is worth pursuing.
Q: Are there specific property types or locations you won’t analyze or lend on?
A: Properties in very rural areas may not fit our criteria. However, the best thing to do is submit a deal analysis so we can take a closer look.
Q: If I’m purchasing multiple properties in a portfolio, can you analyze them as a package?
A: Absolutely! We can analyze multiple properties as a package.
Q: Do you require proof of funds or bank statements as part of the deal analysis?
A: No, deal analysis does not require any paperwork.
Q: Do you provide feedback or recommendations if my deal doesn’t initially qualify?
A: Yes, our experts are here to guide you and provide recommendations.
Q: How long does it typically take to analyze a deal and provide feedback?
A: If you’re in a hurry, call us to let us know you’ve submitted a deal analysis and need urgent feedback. We’ll prioritize it for you.
Q: Do you provide pre-approval or conditional approval before analyzing a specific deal?
A: To get pre-approval, you’ll need to submit an application. You can do so here: Apply Now.
Q: Can you evaluate deals that involve joint ventures or partners?
A: Yes, we can. We focus on evaluating the property and the deal, not personal creditworthiness.
Credit and Financial Requirements Q&A
Q: Do both partners need to have good credit, or can one partner qualify on their own?
A: No, both partners do not need to have good credit. One partner can qualify on their own.
Q: Can partners combine their credit scores to meet your requirements?
A: This depends on the specific deal and circumstances. We recommend submitting an application or giving us a call to discuss your options. Start your application here: Apply Now.
Q: Will you pull credit reports for both partners?
A: Yes, we will pull credit reports for both partners.
Partnership Flexibility and Structures Q&A
Q: Do you allow partnerships that include corporations, LLCs, or trusts?
A: Yes, we allow partnerships that include corporations, LLCs, or trusts.
Q: Can one partner act as a co-signer without being listed as a co-owner?
A: If you sign the closing documents, you will be listed on the loan. However, you can sign as the power of attorney for another individual if applicable.
Q: Are you willing to lend to partnerships that involve more than two people?
A: Yes, we are willing to lend to partnerships that involve more than two people.
Disbursement of Funds for Renovation Work Q&A
Q: How are renovation funds disbursed—through draws or lump sums?
A: Funds are disbursed through draws.
Q: How often can I request a draw for renovation work?
A: You can request a draw as soon as the work is completed for the items you want reimbursed.
Q: Is there a maximum number of draws allowed during the loan term?
A: No, you can take as many draws as you need.
Q: What documentation is required to request a draw (e.g., invoices, receipts, progress reports)?
A: We require warranties for major items such as foundation, roof, and HVAC. Additional documentation may be requested depending on the scope of work.
Q: Are inspections of the work required before funds are disbursed for each draw?
A: Yes, inspections are required before funds are disbursed.
Q: If inspections are required, who performs them, and who covers the cost?
A: We use trusted inspectors and inspection companies. The cost of each draw inspection is $250, payable to us.
Q: How long does the inspection process take, and does it delay draw disbursement?
A: The timeline depends on the location of the property. Draws typically take 48 hours to 6 days from receipt to process.
Q: What happens if the work does not pass inspection—are funds withheld?
A: Yes, if the work is incomplete, not installed, or partially completed, funds will be withheld.
Q: Can I schedule inspections in advance to avoid delays in accessing funds?
A: Yes, inspections can be scheduled in advance. While we cannot guarantee a specific date for the inspection, planning ahead is highly advisable.
Q: Are there any fees associated with requesting a draw or inspection?
A: Yes, draw inspection fees are $250 per draw.
Penalty Fees Q&A
Q: Are there penalty fees if the loan goes past its term?
A: Loans that go past term typically have an interest rate adjustment. Please contact your company representative to get further information.
Q: How are late fees calculated and charged?
A: Late fees are 5% of the monthly interest payment due and are applied if the payment is not made by the 15th of the month.
Q: Is there a grace period before penalties are applied?
A: Yes, there is typically a grace period, but the specific terms depend on your loan agreement. Contact us for details.
Q: Can the loan term be extended to avoid penalties, and if so, what are the costs?
A: Yes, loan terms can often be extended, but extension costs vary. Please reach out to discuss your options.
Q: Are there any other fees associated with loan maturity or default?
A: Additional fees may apply depending on the specific terms of your loan. Contact us for more information.
Loan Size and Term Q&A
Q: What is the minimum and maximum loan size you typically offer?
A: Loan sizes typically range from $55,000 to $1,000,000, depending on the loan program and property type.
Q: How long of a loan term is available?
A: Loan terms are available for up to 12 months, with extensions available on a case-by-case basis.
Valuation and Prepayment Penalties Q&A
Q: Will the loan amount be based on the after-repair value (ARV) or the current value of the property?
A: The loan amount is typically based on the after-repair value (ARV).
Q: If the loan is ARV-based, how is the ARV determined?
A: ARV is determined through a professional appraisal conducted by one of our approved appraisers.
Q: Are there any prepayment penalties if I sell or refinance before the loan matures?
A: Prepayment penalties vary by loan type. Please refer to your specific loan agreement for details.
Q: How are prepayment penalties calculated, and do they decrease over time?
A: Prepayment penalties are calculated based on the terms of your loan. In some cases, they may decrease over time.
Q: Can I pay off the loan early without penalties under certain circumstances?
A: Some loans allow early payoff without penalties. Contact us to review the terms of your specific loan.
Loan Fees Q&A
Q: What are the fees listed under loan fees, and what is their range?
A: Loan fees include administrative, processing, or underwriting fees. Our processing fee is $1,495.
Q: What is the range for legal fees, and what do they include?
A: There is NO Doc fee only a $1495 processing fee
Q: What is the range for inspection fees?
A: Inspection fees, also known as draw fees, are $250 as per our closing instructions.
Q: Is there a minimum number of draw requests required?
A: While we currently do not have a minimum requirement, it’s important that work continues to progress. If you encounter issues with your project, please reach out. Our team consists of experienced real estate investors who can offer ideas and guidance based on their expertise.
Q: Does the lender collect or pay taxes on behalf of the borrower?
A: Yes, we collect a tax escrow at closing and monthly tax amounts to ensure taxes are paid when due.
Q: Does the lender allow partial funding or funding on materials only?
A: No, we do not fund on materials only. Per our draw disclosure, work must be fully completed and installed to receive funding.
30-Year Loan Program Q&A
Q: What is the loan amount range available under the 30-Year Loan Program?
A: The program offers loan sizes ranging from $55,000 to $1,000,000, accommodating various investment needs.
Q: Are vacant property acquisitions eligible for financing?
A: Yes, the program allows for the acquisition of vacant properties, providing flexibility for investors.
Q: What loan terms are available?
A: Investors can choose from 1-, 2-, and 5-year interest-only options or opt for a 30-year fixed-rate mortgage.
Q: How many units can be financed under a single loan?
A: The program finances properties with 1 to 4 units and also offers package loans for multiple properties.
Q: How quickly can a loan be closed?
A: Loans can be closed in as little as three weeks, enabling investors to act swiftly on opportunities.
Q: What leverage ratios are offered?
A: The program provides up to 80% Loan-to-Value (LTV) and up to 90% coverage of basic rental expenses (PDTI).
Q: Are there options for interest-only payments?
A: Yes, 3-year and 5-year interest-only options are available, offering flexibility in payment structures.
Q: Does the program offer cash-out refinancing?
A: Yes, both cash-out and rate-and-term refinance options are available to meet various financial objectives.
Q: Is income verification required?
A: No income or W2 verification is required, simplifying the qualification process for investors.
Q: Can loans be closed under an entity name?
A: Yes, loans can be closed in either a personal name or an entity, providing flexibility in ownership structures.
Q: Are there seasoning requirements for the property?
A: There are no seasoning requirements.
Q: Are foreign nationals eligible for this program?
A: Yes, the program is available to both U.S. citizens and foreign nationals.
Q: Does Investmark Mortgage report to credit bureaus?
A: No, Investmark Mortgage does not report to credit bureaus, ensuring privacy in your investment activities.
Hard Money Questions Q&A
Q: What hard money loan programs does Investmark Mortgage offer?
A: Investmark Mortgage offers two primary hard money loan programs:
- Rental Program
- Interest Rate: From 11.99% (Interest Only)
- Loan-to-Value (LTV): Up to 75%
- Loan Fee: From 1.99%
- Term: 12 months
- 100% Financing Available
- Processing Fee: Flat $1,495
- Fix & Flip Program
- Interest Rate: From 12.99% (Interest Only)
- Loan-to-Value (LTV): Up to 70%
- Loan Fee: From 2.49%
- Term: 12 months
- 100% Financing Available
- Processing Fee: Flat $1,495
These terms are subject to change. Please visit Hard Money Programs for the latest details.
What Sets Investmark Mortgage Apart Q&A
Q: What sets Investmark Mortgage apart from other hard money lenders?
A: Investmark Mortgage distinguishes itself through:
- Lower Loan Costs: Offering competitive financing options.
- Expert Investor Advice: Access to a team with over 80 years of combined real estate experience.
- Deal Analysis Assistance: Providing personalized Deal Analysis to assess returns and profit potential.
- Quick Draw Request Turnaround: Reimbursements processed in as little as 24-48 hours.
- Single Point of Contact: As a direct lender, clients interact directly without intermediaries.
- Commitment to Ethical Practices: Adherence to ethical guidelines set by the American Association of Private Lenders (AAPL).
- Avoidance of Bad Loans: A commitment to not placing clients in unfavorable loans, evidenced by a default rate of less than 0.1%.
Regional Contacts Q&A
Q: Who are the primary contacts at Investmark Mortgage for different regions?
A: The primary contacts are:
- Dallas/Fort Worth
- Name: Paul Starnes
- Role: Hard Money Specialist
- Phone: 214.738.4664
- Austin/San Antonio
- Name: Pam Cassidy
- Role: Hard Money Specialist
- Phone: 210.303.2425
- Houston/Gulf Coast
- Name: Grace Cambindo
- Role: 30-Year and Hard Money Specialist
- Phone: 832.506.8837
Application Process Q&A
Q: How can I apply for a hard money loan with Investmark Mortgage?
A: To apply for a hard money loan, visit our application page here: Apply Now.
Q: Does Investmark Mortgage offer resources to help analyze potential deals?
A: Yes, Investmark Mortgage provides a Deal Analyzer tool to assist investors in evaluating the profitability and viability of potential investments. This tool helps in making informed decisions. Visit the Deal Analyzer here: DealAnalysis.
Ethical Standards Q&A
Q: What standards does Investmark Mortgage adhere to?
A: Investmark Mortgage is a member of the American Association of Private Lenders (AAPL) and follows the ethical guidelines set forth by the organization. Mike Hanna, a founding member of the AAPL Ethics Advisory Committee, ensures that the company maintains high ethical standards.
Draw Requests Q&A
Q: How quickly can I expect reimbursement for draw requests?
A: Investmark Mortgage processes draw requests promptly, with reimbursements typically completed within 24-48 hours, ensuring efficient access to funds during your project.
Appraisals Q&A
Q: Is an appraisal required for a new loan?
A: Yes, a full appraisal is required for any new loan.
Q: What is a desktop review, and when is it used?
A: A desktop review is an analysis we occasionally perform when helping to evaluate a deal.
Q: How much do appraisals typically cost?
A: Appraisal costs can vary depending on the area, property size, and other factors, but $500 is a general estimate.
Q: Is a survey always required for a loan?
A: No, we don’t always require a survey. However, a survey may be needed in the following cases:
- The property is not in a platted subdivision or is outside a metro area.
- The property is on a very old site.
- The improvement is oversized for the existing subdivision (e.g., a McMansion).
- The legal description is based on metes and bounds.
Credit Score Q&A
Q: Do you require a credit check to apply for a loan?
A: Yes, we require a credit pull to move forward with a loan. However, we will not run your credit until we’ve spoken with you first.
To apply, visit: Apply Now.
Q: What factors do you consider in addition to credit score? What is the minimum credit score?
A: Your credit is not the only determining factor, so even if you have bad credit, don’t let that keep you from applying. We also consider debt-to-income ratio and reserves. Never assume you won’t qualify! Even if you have a lower credit score, you may still qualify if you have compensating factors like strong income or significant reserves.
To apply, visit: Apply Now.
Q: What’s the best way to know if I qualify?
A: The best thing to do is apply. Applying allows us to assess your full financial picture and determine your eligibility.
To apply, visit: Apply Now.