Commercial and Residential Loan Specialist in|Memphis, TN 


Set To Go Loans 

Commercial & Residential Broker 

Memphis, TN,

Nationwide

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Frequent Asked Questions

 

These are common questions that are asked daily about closing a loan.

 

Q: How can you give me a loan without pulling my credit?

A: The loans that we offer are asset based, and the company is using the equity in the property as your foundation for giving you the loan.

Q:  Is there any reason that I will not be approved for the loan?

A: There are only 2 reasons that the loan will be turned down. 1. Is the appraisal value is less than $30,000. 2. Is that there is an issue with the title that can not be resolved.

Q: Is there any reason that my loan will not close?

A: Yes:

  1. The first is an issue with the title.
  2. The other is the appraisal comes back lower than $50,000

      Q: Do you loan to Foreign Nationals?

      A: Yes we do?

Q: What if I dont have a social security card?

A: As long as you have 35% down or free an clear property we can get the deal done.

Q: How much does it generally cost for an appraisal?

A: The application fee will be included with the appraisal fee, for a single family residence the fee is 650, for duplex, triplex or quad it is 750.

Q: How long does it generally take to close a loan?

A: Once the appraisal has been order it generally takes 10 to 14 days, with no unexpected events.

Q: What information will you need from me?

A: The items that I will need from you will be a copy of your driver license, social security card, a voided check ( for payment deduction of the loan), a 1003 (uniform residential loan application) filled out and the property will need to be insured for appraised amount.

Q: What is the highest loan value that I can borrow?

A:  50% of the As-Is-Value of the Appraisal?

      Q: What’s the difference between an assessment and an appraisal?

      A: Quite simply, an assessment is means of assigning "value" by which the town or              city raises revenue through taxation. 

          An appraisal is a determination of the property's "fair market value". 

      Q: What is the highest loan value that I can borrow?

      A:  50% of the As-Is-Value of the Appraisal?

Q:  Why is this loan considered a Hard Money Loan?

A:  Because the money is not loaned under conventional loan guidelines. A conventional loan protocol is based on ICE=Income Credit & Equity. Hard Money loan is lends on the equity. Although with the crash of the real estate market lenders now look at credit, so that they can determine who they are lending to. The loans that we offer are asset based, and the company is using the equity in the property as your foundation for giving you the loan.

Q:  Why do I have to pay for the appraisal?

A:  The appraisal is the borrowers responsibility, not the lenders!

Q:  Why do I have to pay for the appraisal?

A:  The appraisal is the borrowers responsibility, not the lenders!

Q:  What out of pocket expense do I have to come up with?

A:  The only out of pocket expense that the consumer has to pay is for the appraisal and the application fee?

Q:  Can a Pre-Approval Letter be provided for a lender if I need one?

A:  The Pre-approval letter is generally provided for a purchase. You will need to present a copy of the sales contract and a letter can be provided sometime that day.

Q:  Why don't some of your lenders lend in Chicago, IL, Detroit Michigan or Cleveland Oh?

A:  The for closure law makes the lender have to go through a 2 to 3 year procedure before they can for close on a property.

Q:  Do you have lenders that lend in Chicago, IL, Detroit Michigan or Cleveland Oh?

A:  Yes we do, although the loan process takes about 30 days because we are going through a different lender?

Q:  What is the minimum loan amount?

A:  $25,000

Q:  What is the maximum loan amount?

A: $400,000 with no credit check.

Q:  Do you have programs for clients with good credit?

A: Yes, the minimum loan amount is $100, 000.

A:  All loans that are given are simple interest loans. if you keep the loan 6 months you only pay 6 months of interest.

Q:  Why is the interest rate 12 to 18%?

A:  The interest rate is 18% because the lender does not pull credit, income or employment. This is a high risk loan but with the funding still gives you the opportunity to continue doing business when traditional lending sources have turned you down.

Q:  Can I negotiate to lower the interest rate?

A:  No, the interest rate is firm. Although the lender has recently rolled out a new program that looks at your credit and that could lower your interest rate.

Q:  Why should I do business with Set To Go Loans?

A:  We have the hard money that you need.  We adhere to all local, state and federal laws and we have a reputation for conducting business according to the highest ethical standards.

Q:  How quickly can I get my money?

A:  After the loan closed and all signed documents are verified funds can either be direct deposited into your account or a check.

Q:  Can you pay off my bills at closing?

A:  Yes we can.

 Q:  Who is the perfect candidate for a hard money loan?

A:  Hard money loans can be made under a variety of circumstances to all kinds of borrowers.  Typically, our borrowers have projects or sales in the offing with the potential to bring in money.  Their issues tend to center around the inability to find the cash that they need immediately using more traditional lending institutions, such as banks.  Ideal candidates include real estate agents or other professionals planning to “flip” homes.  Contractors and homeowners who desire to renovate or refurbish homes prior to selling can benefit from hard money, as well.  We’d be happy to talk with you to find out whether you are a perfect candidate for doing business with Set To Go Loans.

Q:  What is the close period for a commercial loan?

A:  30 to 45 days.

Q:  Why do some lenders don't lend in Chicago (Cook County) , Cleveland (Cuyahoga County) and Detroit (Wayne County)?

A:  The ability to forclose is much stricter in these areas. The process can take as long as 2 years to complete the process. Plus the lender has the responsibility to maintain that the property is boarded up and continue to pay taxes on the building while going through the process

Q: Is there 100% financing on a Hard Money Loan?

A: No. A hard money loan goes strictly on equity although the guidelines has changed in some lenders eyes, that they will on some occassions look at credit. Not for a reason to turn you down, but as a guarantee that you do pay your bills.