Address: 201 East McBee Avenue Suite 300 Greenville, SC 29601
States They Lend In: AL, CA, CO, CT, DE, FL, GA, IL, IN, IA, KS, KY, LA, MD, MA, MI, MN, MS, MO, NE, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WV, WI, WY
FAQ’s on Lima One Capital Hard Money and Short Term Loans
Do you lend on owner-occupied houses?
No. We only provide financing for investment properties. This means that the borrower cannot live on the property at any time during the course of the loan.
Do you provide proof of fund letters?
Yes, you can get pre-approved for our hard money loans and rental financing on our website. It takes 24 hours or less.
Do you lend to foreign investors?
Yes, some of our best clients are foreign investors. For them it is virtually impossible to get conventional loans, our hard money loans and rental financing are enabling them to pursue their investments.
How does my credit score effect the approval of my application?
We do not loan to anyone with a credit score below 630. For our FixNFlip program, if you don’t have a credit score of 630 or above, then you will have to partner with someone and they will have to be included on the HUD and Note.
For the Rental30 program, all individuals on the loan must have a minimum credit score of 630.
Can I pay down my loan principal?
- For our FixNFlip program, you can pay down your loan at your discretion at no additional cost.
- For our Rental30 program, a pre-payment penalty applies for the first five years of the loan.
Is an appraisal always required to fund a loan?
An appraisal is required for all FixNFlip, Rental30, and Fix2Rent loans. Although the appraisal is an expense for the potential borrower, it protects him or her from making a mistake and owning a new mortgage on a property that is already underwater due to too many foreclosures in the area. Appraisals are the last step in the application and underwriting process. They are conducted only after the borrower is approved and the estimate of cost has been accepted by the borrower. Lima One Capital makes no money off of the appraisals and the potential borrower pays our approved appraisers directly.
How are construction draws handled?
Our borrowers request a draw. Within 48 hours, one of our licensed contractors inspects the work completed. Within 24 hours after the inspection, the funds are released. There is a $150 charge for each draw that is deducted from the draw amount. We don’t make any money on construction draws. The cost of the draws go directly to our contractors to ensure that the work is done properly and within code.
Can I cross-collateralize properties to lower my down payment at closing?
Yes, if you own a property, Lima One Capital will often times use that property as collateral instead of requiring a down payment for your project.
When will you loan in our area?
Soon! Please, let us know which area/s you would like to see our hard money loan programs in!
Do you lend on commercial properties?
We only lend on residential investment properties.
Lima One Capital offers a wide variety of fix and flip (FixNFlip) loans for the real estate investor looking to purchase and rehab an investment property. Our full offering of FixNFlip, Construction, New Construction, and Cash Out loan products provide investors the ability to capitalize on fantastic real estate opportunities across entire lending area.
Lima One Capital’s Fix2Rent program allows investors to purchase and rehab an investment property then roll that into our Rental30 loan.
The Fix2Rent program is a combination of the FixNFlip program and Rental30 loan. Investors who choose the Fix2Rent rehab loan receive a discount on the origination fee for the Rental30 30 year fully amortized loan.
Below you will find more information on the Fix2Rent rehab loan in your state. Ready to get started? Fill out the contact form on the right or complete our quick two-minute application below today. We look forward to working with you!
Are you ready to unlock positive cash flow through rental properties? Want to unlock additional equity in your current rental property portfolio? Hit the property cap limit through traditional financing?
Lima One Capital’s Rental30 rental loan program provides investors of all experience levels financing for both individual rental properties and entire portfolios. This unique 30 year rental loan program provides financing for the purchase of new properties as well as cash-out, refinance options for existing properties with a fully amortized loan.
First Funds Group says
DON’T BE FOOLED THIS COMPANY SUCKS!!!! THEY APPROVED A CURRENT CLIENT WHO SETTLED THREE WEEKS EARLIER ON A DIFFERENT PROPERTY WITH LIMA ONE. THEY APPROVED, ORDER AN APPRAISAL AND 6-DAYS LATER SAID THEIR GUIDELINES CHANGED AND WILL NOT REFUND THE CLIENT’S APPRAISAL MONEY. AND TURN DOWN THE LOAN AFTER APPROVAL. THE CLIENT DID NOTHING TO CHANGE THEIR APPROVAL!!!!!
Tony Peters says
Lima One was the first hard money lender I ever used. They made the process simple and did every thing they said they would do. For rehab projects, their fix and flip program is top notch. I will use them again and would recommend them. However, their rental 30 program will only lend up to 70% of the purchase price, so even if you are buying the property at a real discount, they don’t take into account the equity in the property. I am still in search of a long term rental lender.