Question 1

Where Do We Not Lend?

Accepted Answer

Alaska, Nevada, North Dakota, South Dakota, Minnesota and Vermont.

Question 2

DO's and DONT's

Accepted Answer

Once you have your loan submitted it is advised not to move monies around from different banks accounts. This can dely your closing and more paperwork maybe required. 
 
It is also important to make sure once the apprisal ordred to keep your phone next to you. The appriser will contnact you to schedule your apprisal. 
 
Make sure the apprisor has access to the property inside and out.

Question 3

What Is Our Minium Loan Size?

Accepted Answer

Our minium loan size is $50K. 
 
In some cases we can do lower then $50K.

Question 4

What Documents to I need?

Accepted Answer

Document requirements very simple.

1. Purchase contract.
2. Loan application - you can submit online. Click on "Get Started".
3. Rehab sheet, for fix & flip loans. Check the bottom of our sites to download this form. 
4. Attorney/title contact. Name, email address, phone number. 
5. 3 months of Full bank statement. Must have your name & buseinss name on the  bank statements.
6. Valid photo ID.
7. ACH form and a copy of a VOID check. This form is sent to you via email. 
8. Rental lease agreement. If you are applying for a rental loan. 
9. Order apprisal. Not all loans require apprisals. 
10. Articles of incorporation/certificate of formation of your LLC or buseinss. 
11. Bylaws or operating agreement of your LLC or busienss. 
12. EIN Letter for your entity. This is the tax ID of the business. 
13. Certificate of good standing/entity status. 
14. Home owners insurance (HOI) binder.

Question 5

How fast can Fund My Wealth close a loan?

Accepted Answer

Fix & Flip loans takes little as 2 weeks. But to get the best terms & rates it takes between 3-4 weeks. 
 
New purchase rental loans takes between 3-4 weeks. 
 
Cash-out Refi loans takes between 3-4 weeks.

Question 6

Does Fund My Wealth leand in my buseinss name or my personal name?

Accepted Answer

Fund My Welath only lends in your bueinss name.

Question 7

Does Fund My Wealth lend to first time investors?

Accepted Answer

Yes Fund My Wealth is first time investor friendly. 
 
Make sure you have good credit above 620 is great. If not get a friend to be a part of the deal and we can use their credit if its higher then yours. 
 
A good rule of thumb is to have about 20% cash to bring to closing for most of our deals.

Question 8

Does Fund My Wealth offer 100% funding?

Accepted Answer

Unfortunately we do not offer any loans that at 100% on the purchase price. 
 
However we do offer up to 90% on the purchase price on a fix & flip loans.

Question 9

What is Delayed Funding?

Accepted Answer

Delayed funding is where you purchase a poperty with your cash and then you turn around and finacing on it. 
 
Delayed funding is a great options if you have the cash to buy the property and time is of the essence. 
 
Fund My Wealth offers delayed funding at 80% LTV.

Question 10

Real Estate Vocabulary / Terms

Accepted Answer

What does_________ mean? - Fill in the blank. 
 
Loan To Value (LTV): Compares the loan amount to the expected market value of the completed project.
 
Loan to Cost (LTC): LTC is calculated as the loan amount divided by the construction cost.
 
Debt Service Crovage Ratio (DSCR): Easures the cash flow available to pay current debt obligations.

Question 11

What is our sessioning requirements for loan

Accepted Answer

3 months if you a loan to purchase the property 
6 months if you paid cash to purchase the property

Call us for further explanation

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(704) 706-3522

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