What is Hard Money?

Hard money is best describe as an asset-based loan financing through which a borrower receives funds secured by real estate.

 

What are Doivel Funding residential financial standards and terms?

First Doivel Funding provides residential hard money financing to investors, developers, contractors and architects. Our standards are very different compare to other alternative lenders. Why? We scrutinize every documents with due diligence. We ensure you get funding in a fast maner, if you work with us. And by any instance reason you don't qualify from our loan processor, we'll do our best to find someone who can. Our terms is 6 to 24 month and 12%+ interest rate.

 

What are the requirements for the loan application?

Doitvel Funding require completed application, business entity documentation, rehab estimation documents, give us authorization to access your credit report, it's very pivotal for us to do background check, tax transcript and bank statement. We only ask HUD 1 when their is a refinance involved.

 

Why tax transcript is very essential?

Tax tanscript is essential for us to identify you adnd for misleading issues.

 

What type of property do you fund?

We fund non-owner occupied property

 

Do you fund commercial Real Estate?

Yes we do. We fund multi-family, hotel, appartment complex, office building, industrial and land.

 

What is a purchase contract?

A purchase contract is between a buyer or seller agrees on terms and condition related of selling a property.

 

What kind of property insurance is required?

You going to need a hazard insurance. For more details contact our loan officers.

 

Do you require minimum FICO score?

No. However, if you doing fix & hold, we put a lot of emphasis into it.

 

Do you do servicing?

No we don't do servicing but we can provide a 3rd parties servicing after closing.

 

Is it possible to do cross-collaterize properties?

Yes it is possible. If you have a clear and no lien properties, we can cross-collaterize or cash out refinance

 

How much it cost for an appraisal?

It really depends on your area market. it should be between $300 to $650

 

Do you give proof of fund letter?

Yes, After viewing all documentations

 

Where do you lend?

Nationwide. except:

 

Do I need title insurance?

 

Do you charge upfront fees or cost?

No we don't. Cost fees will only related to apraisal, third parties, insurance, ect..

 

Can I use my IRA for a deal?

Yes you can. It is very importanat to seek for legal financial advice.

 

Do you provide funds to foreign investors?

Yes we provide funds to foreign investors. 40% of our deal came from foreign investors.