Maybe. We determine value in several different ways: 1) appraisal from a licensed appraiser; 2) appraisal from real estate broker (Broker Price Opinion); and/or 3) internal appraisal by our underwriting team. You will be charged up-front for our valuation of the property and we will obtain the type of appraisal that best allows us to determine value. Once we receive the valuation report and ensure a clear title, we are ready to close within 1 business day.
One of the biggest advantages of working with a private lender like SEP Capital is SPEED. Approvals are usually given same-day and settlements can happen in just a few days depending on the project. Our team is well-equipped to handle urgent requests. In rush situations, we’re dedicated to expediting our lending process to accommodate your timeline.
We are currently lending throughout the state of Florida.
Yes, but only on a refinance (no new purchases) and the cash withdrawn must be used for a business purpose. For example, we can lend on a primary residence if you need to tap into the equity in your primary to buy a new rental property. Another scenario where we could lend on a primary would be if you are a business owner and need to access the equity in your primary residence to purchase inventory. We cannot lend on a primary if the funds will be used for a consumer purchase – like fixing up your primary or paying off debt. Be sure to ask us as each situation is unique.
Your approval is not contingent on your credit score. While we do take credit into consideration, it is not the sole determining factor for us. We regularly fund loans for great clients with not so great credit scores.
Not necessarily. While we may look at bank statements and/or cash reserves, we typically do not need to see personal income statements or tax returns. We do offer a No-Doc loan where you can qualify without providing any credit or income verification. Find out more about that loan product here No-Doc
We primarily lend on investment residential and small balance commercial properties.
Like most private lenders, we typically prefer borrowers to have some “skin in the game.” This is to ensure a certain level of personal investment to demonstrate commitment and mitigate risk. If providing personal cash isn’t feasible for you, an alternative approach could be exploring the option of cross-collateralization, which would involve using the equity from one property to secure the loan for another.
No, most of our loans will have a 3 month interest guarantee but none will have a prepayment penalty.
No, our loans usually follow an interest-only payment structure. You pay only the interest monthly with a balloon payment at the end of the term.
We typically make lending decisions based on the appraised value of the property. If the property is being renovated we base it on the ARV (After Repair Value).
Sometimes – In most cases closing costs are not rolled into the loan, however if you are utilizing our cross-collateral loan product you can roll those costs into the loan, assuming there is enough equity.
To get started, all you need to do is fill out our quick Loan Application. Once submitted, someone from our office will review your application immediately, then if documents are required, will reach out to you to collect them.
No. As long as your deal meets our lending criteria, you will have no problem getting a loan from us, regardless of how many properties you already have.
Yes, however this may depend on your circumstances. Generally, as long as our loan is in first position and the LTV (Loan to Value) is low, we give you the freedom to put the deal together in any way that serves you best.
Sometimes. We will want to understand the foreclosure and the clients circumstances, but again, with enough equity we can get any deal done.
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