We have funded properties as quickly as 1 day. If there are no unusual circumstances (i.e. title issues, all required documents in hand), then the closing can proceed as soon as the appraisal has been completed and title is cleared. Usually this can be accomplished within 1 week to 10 days. You do your best and we will respond in kind.
No, our loans are usually for a 12 month term or less, but we have arranged financing for more than 12 months in certain situations, particularly commercial projects. We do have permanent lending partners that will be able to assist with your long term needs on single family properties.
Why are your rates so much higher than banks?Margret Ekers2013-10-17T19:09:54-04:00
We are a private lender with private money. We take risks that banks ordinarily would not and therefore charge a higher rate for the use of our funds. You will find that although the funds may cost more, it is less expensive than having a venture partner to finance your project.
Do you make personal loans?Margret Ekers2013-10-17T19:09:36-04:00
Yes, your credit is important to us, but there is no credit score requirement and it is not the most important factor in financing your project. Your ability to repay a loan as required, your investment in the property, the cost of the property and the value after repairs are also considerations in our decision to lend.
I’ve been turned down at banks, is it possible for me to get a loan from Paces Funding?Margret Ekers2013-10-17T19:08:46-04:00
It is certainly possible. We are a private lender, and as such, are not tied to the myriad of regulations that banks must follow. We underwrite and make our own loans based upon our decisions and understanding of the marketplace and your particular property. Usually if the property is worth it, we will give your loan request serious consideration.
These are acronyms for loan to value (LTV) – the value of the property in relation to the loan on the property and after-repaired-value (ARV) – the value of the property after all improvements or construction has been completed.
What is a “hard money” loan?Margret Ekers2013-10-17T19:07:46-04:00
It has been incorrectly described as “hard” to find or “hard” to pay, but typically it is a secured real estate loan for investment purposes. The property is often enhanced via renovations that improve the value. The property is then sold or refinanced. The property provides the security in the event of default by the borrower. We are most interested in creating long term relationships helping good borrowers successfully invest in real estate.