Frequently Asked Questions:
- Should I consider a hard money loan?
Only if you have one or more of the following problems:
- Currently have poor credit or have a poor credit history such as late payments, judgments, defaults or bankruptcies, or
- Own property which would otherwise not qualify for a loan from a conventional lender such as bare land, non-conforming rental, commercial or industrial property, or
- May have good credit but need money quickly for such purposes as an immediate investment opportunity, a tax-deferred exchange requirement or other situations which are time-critical.
This type of loan may be the only way to obtain the needed cash from the equity you have accumulated in your property.
- What are the qualifications to obtain a hard money loan?
You must have at least 25% or more equity in the property after the close of your loan, i.e. the market value of your property less the loan we grant you must be at least 25% at the time of the loan closing. This equity requirement varies depending upon the type of property you will use to secure your loan.
- What loan amount can I borrow?
Our loans range can from $250,000.00 to $1,500,000.00.
- How is the loan secured?
All loans arranged by Certified Capital Corporation are secured by a Note and Deed of Trust on your real property.
- What do I need to close my loan quickly?
- An open escrow with a current preliminary report.
- A current appraisal from a qualified appraiser.
- A completed and signed loan application.
- Copies of your last two years tax returns.
- The current balances of your existing loans.
- The amount of any prepayment penalty that may be charged by your existing lender.
- How quickly will my loan close?
Upon receipt, review and final approval of items in listed in question 5 above, your loan can close within 3 business days.
- Will I have a prepayment penalty for early payoff of my loan?
No. All loans originated by Certified Capital Corporation may be prepaid at any time without penalty.
- Why use Certified Capital Corporation?
When comparing our points and interest with other lenders who provide hard money loans, our fees and rates are lower than almost all other lenders and our loans do not have prepayment penalties. These combined factors could mean the saving of many thousands over the term of your loan.
- How do I get started with my loan?
Just fill out our online qualification form and press the "Submit Request" button at the bottom of the page or call our office at (408) 720-8230 and your on your way to getting approved.
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