Frequently Asked Questions
See what questions our borrowers most commonly ask. Don’t see your question? Feel free to contact us directly.
What are some benefits of working with Loan Wolf Capital?
There are tons of advantages to working with one of the best hard money lenders in the state! Here’s a few special components we wanted to point out about our services
– Speedy approvals and fundings! We understand the time sensitivity of this process and we strive hard to make this as simple as possible by reviewing your loan application and providing you with a quote within 24 hours
– NO credit check!! Becuase we are an asset based lender instead of income based, we underwrite the property only! We do not require any personal financial statements, tax returns, etc.
– We offer a much less complicated application process which is often required for the lender to make a final decision
LTV vs LTC?
Loan To Cost, known as LTC, is a loan that will be based on the overall cost of the project. This type of loan includes acquring property, construction funds and your holding cost. Loan To Value (LTV) calculates valuation of the property! Here at Loan Wolf Capital you will hear us refer to loans in terms of LTV: we find this to be a more valuable metric for our customers
How quick is your draw process?
Acting quickly so you can complete your project faster than ever is something we pride ourselves on here. Which is why our draws team holds themselves to impeccable standards and they meet those goals EVERYTIME! If we receive everything requested, we are typically able to send that draw reimbursment within 24 hours
How long are your loan terms?
Our terms are typically between 6 – 24 months
What’s needed for our pre-approval process?
New Construction : Copy of your contract; if you’re in the negotiation phase we would need at least the address & purchase price. Square footage of your new build (1 unit, duplex, townhomes etc), LLC Formation Docs
Fix & Flip : contract, rough budget for rennovations, make sure your entity is active and LLC Formation Docs
What to look for in a hard money lender?
Your real estate investment is unique in the market which means you need the best hard money lender for you. There are several easy ways to find the best lender for you and we wanted to point out some pertinent qualifications:
1. Reputation – Check the review sites, social media and previous business partners! You want to be sure you do a little legwork here to ensure the lender’s true reputation
2. Locale – The best hard money lenders are people and business in your area! Online hard money lenders or national lenders aren’t as agile making it challenging to work with a relatable individual
3. Speed – Top tier lenders should be able to get your loan approved in under 48 hours and get you funding in a little over a week! We service all our loans in-house making this goal an attainable for our team!
4. Affordability – Hard money loans have higher interest rates than standard loans, because they’re so much shorter. A good hard money lender should offer below 15% interest and clear expecations regarding any other fees
What’s your interest rates and how many points do you charge?
Our rates and points vary as they are specific to each individual property. We are a true asset-based lender and need a property to evaluate in order to give out terms.The terms vary depending on multiple factors such as LTV, LTC, location, experience and desired leverage.We have different leverage options and our rates range from 8.9% and 2% points to13.9% and 4% points.
What types of transactions are handled?
– Traditional Sales
– Short Sales
– Cash Out Re-Fi’s
– SFR (single family residence)
Are there minimum credit requirements to obtain a loan?
No, since we typically do not run credit checks Loan Wolf Capital lends money based on the value of the asset.
What is the down payment required?
The down payment typically depends on the ARV (after repair value) We usually lend 70% of the ARV so the stronger the value, the less money you have to come to closing with, if any at all!
How to apply?
You can apply for a loan by clicking here or you can call us directly at (512) 220-9916