Experience:
Not having real estate experience by itself doesn't disqualify a new investor from borrowing. Still, a lack of expertise plus other limiting factors may not be sufficient to ensure lender confidence that repayment terms can be met, which are typically reasons for disqualifying the borrower.
Funding:
Are you aware that we work with lenders to provide Bridge/GAP funding in addition to purchase and rehab costs? Are you interested in learning how one application can be used to apply for 100% of the project funding?
Credit
While the loan is based on the asset, lenders use a personal credit score as an indication of the likelihood of repayment; the better the credit score, the better the lending terms.
Debt
Those with high DTI typically struggle to repay loans.
Entity
Our real estate lenders will only lend to entities (typically an LLC) and not to an individual. If you don't have an entity and aren't willing to form one, this will be automatically declined.
Property
To proceed with the lending process, the property must be under a formal purchase contract.
If your property is not currently under contract, you will need to secure one before we can move forward with underwriting or issue funding approvals.
If you do not yet have a contract in place, we recommend submitting a Letter of Intent (LOI) to the seller's agent with a proposed closing timeline of 30–45 days. This window allows you enough time to complete due diligence and for us to complete the funding process before the closing date.
Additional Questions:
You will receive an email with the required documents. Please take the time to collect these documents so the application process moves quickly. Please check the SPAM/Junk folder for email from Pro Credit Solvers
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