FAQ
General FAQ
Origination FAQ
Requirement FAQ
In which geographic areas does Pacific Equity & Loan operate?
What are the rates and points?
Our current rates can be found on our website’s programs page here: https://pacificequityloan.com/programs. For specific details on points, it’s best to discuss with one of our representatives.
Do you offer a referral program?
What if I want to live in the subject property I financed?
What is a HUD?
How do I get started with Pacific Equity & Loan?
Getting started with us is a simple process. To initiate the conversation, all you need to do is book a call here. By scheduling a call, you can select a time that suits you best. Once you’ve booked the call, one of our knowledgeable representatives will promptly reach out to you. During the call, our team members will provide detailed information about our programs and take the time to understand your specific projects and requirements. We believe in personalized service and look forward to speaking with you soon.
After I apply for a loan, how long will it take for a sales representative to get in contact with me?
How long does your loan process typically take?
How fast can you close?
We can close in as little as 5-12 business days, with our fastest closing time being within 72 hours.
Do You Require a Down Payment?
Our down payment requirements vary based on several factors, including the investor’s experience and the equity and value of the property. While down payments are typically expected, we do understand that there may be special circumstances where a down payment is not required.
Do you require a credit check?
While credit checks play a role in determining the rate, they are not the sole determining factor. We understand that everyone’s financial situation is unique, and we work to accommodate a variety of circumstances.
What are your credit requirements?
Each loan program we offer has different credit requirements, but our minimum credit score requirement is 600. Please keep in mind that meeting the credit requirements is just one aspect of the overall evaluation process, and other factors related to the subject property will also be considered.
Our main focus is to provide you with a financing solution that suits your needs, considering factors beyond just credit. Our team is here to guide you through the process and determine the specific requirements based on the loan program you choose.
Am I required to have insurance on the property?
What do you need for income verification?
We do not require income verification for our programs. If you’re interested in learning more about our specific programs and the documentation needed, please send us a direct message and we will be happy to provide you with more detailed information.
Loan Questions
What are your loan rates?
What if I need a loan extension?
We understand that circumstances can change during the course of a loan. If you find yourself in need of a loan extension after the initial 6-month phase, we are here to support you. Our loan extension process allows for extensions in 3-month increments.
It’s important to note that there is a cost associated with each extension. The cost per extension can vary but typically amounts to 1-2 points. Our team will guide you through the extension process and provide you with the specific cost details based on your individual situation. We aim to ensure that your loan term aligns with your evolving needs and offer transparency regarding the associated costs of extending your loan.
How do I request construction draws?
We offer two convenient methods for requesting construction draws. One of these methods is through our website, which is currently available. However, it is important to note that this option is considered a legacy method and will gradually be phased out.
The preferred and more advanced way to request construction draws is through the SiteWire app. This innovative app empowers borrowers to take on the role of inspectors themselves, providing a more efficient and streamlined experience.
If you prefer to use our legacy method, you can simply click on our draw request page under the services menu on our website.
What if I want to live in the subject property I financed?
Do you have rental loans?
Do you charge upfront fees? And also do you offer 100% funding?
Yes, we do charge upfront fees as part of the borrower’s cash to close. These fees are typically included in the initial funds required for the loan. However, we do offer the advantage of funding 100% of the repairs needed for the property. It’s important to note that for our 5% down program, the 5% down payment will be calculated based on 5% of the purchase price and the rehab amount.
Do you fund wholesale deals?
Absolutely! We understand the importance of catering to the diverse needs of our clients. That’s why we offer a wholesale program to accommodate investors involved in wholesale deals. Our wholesale program offers more than just funding and includes additional resources such as access to our inventory of wholesale deals and a platform for listing deals from other wholesalers. Contact us to discuss your specific wholesale project and learn how our program can support your success in the wholesale market.
Other Common Inquiries
Do you have a prepayment penalty?
No, we do not impose any prepayment penalties. You are free to pay off your loan early without incurring any additional charges or fees.
Do you offer a cash out refinance loan on a primary residence?
What are the minimum qualifications?
When considering loan applications, we typically evaluate factors such as the investor’s experience and liquidity. Having a strong track record with successful projects can provide several advantages, and being able to make a larger down payment can open up more options and potentially lead to lower rates. However, we also understand that everyone starts somewhere, and we are open to working with first-time investors as well.
To discuss your specific qualifications and explore available options, we recommend reaching out to one of our representatives who can provide personalized guidance based on your circumstances.
I'm in the US, do you work with foreign nationals?
Yes, we work with foreign nationals who possess an Individual Taxpayer Identification Number (ITIN). An ITIN serves as a substitute for a Social Security Number (SSN) for non-U.S. citizens. We specialize in assisting foreign nationals with ITINs who are involved in fix and flip projects in Washington State, Texas, Colorado, and Georgia, USA.
Do you require an LLC for first-time investors?
We do not require investors to have an LLC. Individuals who own non-owner-occupied properties can apply for our hard money loans. Whether you own the home to rehab or are a first-time investor, we welcome your application.
Do you provide loans for commercial properties?
At the moment, we specialize in providing hard money loans for non-occupied residential properties that are being fixed and flipped. Unfortunately, we do not currently offer commercial lending services. However, we are always looking to expand our offerings to better meet our clients’ needs. While we can’t assist with commercial hard money lending right now, we appreciate your interest and will definitely keep it in mind for future considerations.
Do you provide loans for land purchases?
Currently, our loan services are primarily focused on providing financing for non-occupied residential properties that are intended for fix and flip. However, we constantly strive to enhance our range of services to better accommodate our clients’ needs. Although we are unable to assist with land acquisitions presently, we value your interest and will certainly take it into account for future potential expansions.
Are you open to working with first-time investors?
Yes! At Pacific Equity & Loan, we are committed to supporting both first-time and seasoned real estate investors. We have a range of programs designed to accommodate different experience levels and financial situations.
We encourage you to reach out to us and discuss your specific situation. Our team is here to listen, understand your needs, and explore customized solutions that fit your unique circumstances.
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