Frequently asked questions
What is hard money?
Hard money loans or bridge financing are a way for real estate investments to be purchased that are not according to traditional standards of underwriting. These funds are made available for investment typically through private investors that utilize their capital, lend it on an asset backed investment for a return.
Does using hard money have advantages?
What is the purpose of using hard money loans?
What factors go into choosing a hard money lender?
What types of property will G.O.A.T Funding Group lend on?
Where will G.O.A.T. Funding Group loan hard money?
Does G.O.A.T. Funding Group require a certain credit score?
Will G.O.A.T Funding Group lend to self-employed borrowers?
Can LLC's and other entities borrow from G.O.A.T. Funding Group?
Will G.O.A.T. Funding Group loan to foreign individuals or entities?
Is there a minimum loan amount?
$80,000 in primary markets
$75,000 in secondary markets.
How do I apply?
Does G.O.A.T Funding Group provide prequalification letters?
Is there a fee to apply?
Does G.O.A.T. Funding Group require an appraisal?
How long does closing take?
What are the necessary documents?
Online loan application
Executed purchase contract
Construction budget and scope of work
Formation documents and an operating agreement for the entity if borrowing through an entity;
Two years tax returns
Other limited information specific to your transaction
What are the loan terms?
Our loans are 9 month terms with available extensions upon approval. Rates are 10%, 3%, 2% paid at closing and 1% deferred to the end. Processing fees are $1650. Includes initial inspection fee, processing fee, Appraisal, and doc prep fees.
How do inspections work?
The property will be inspected by the appraiser during the appraisal process and during the course of the project.
How do I make my monthly payments?
Interest only payments plus the tax escrow payment is automatically debited via ACH withdrawal.
How will I get construction draws?
Once requested, we will inspect the property to determine the amount of work completed. Upon reciept of the inspection report draw requests are processed and funds become available via check, ACH or wire. Expect 3-5 business days from request to funding.
Will you issue an extension?
Our 9 month loan program can be extended upon request subject to pay history.
Will you provide a payoff statement?
Send us an email at email@example.com for a payoff statement.