FAQ
Got a question? Get your answer.
Below you’ll find answers to questions we get asked about applying for a loan.
The reason an investor would use a hard money loan varies from:
Bridge loans for speed of closing when time sensitive issues are a factor;
For refinancing and pulling out capital in order to fund the next deal;
Fix and flipping a property in order to close on it, rehab and then sell it;
Construction loans to purchase materials and pay for the renovation necessary to rehab the property.
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.
The conveniences of using hard money to fund a deal range from ease and speed of funding to not being as cumbersome as traditional bank financing. There is far less documentation needed because the value of the asset is more important than the borrowers credit and income.
When looking at a hard money lender partner, you need to ensure that your lender has experience in this business. Your lending partner needs to understand how to structure deals and help with the best exit strategy. Ensure that your lender has the resources necessary from title partners, attorneys and capital to close on time. Your lending partner should have a reputation of honesty and integrity first, and a proven track record of results.
Investment Loans, Fix and Flip Loans, New Construction, Landlord Loans, Transactional funding, and more.
Major markets of Texas including DFW, Houston, Austin & San Antonio. Contact us if your property is located in a secondary or tertiary market.
Almost all types of legal entities can get a loan, however the principals of the company will have to personally guarantee the loan.
In most cases this can be accommodated. Contact us for details.
$100,000 in primary markets
$75,000 in secondary markets.
$75,000 in secondary markets.
Yes. G.O.A.T Funding Group will loan to investor who are full-time in the business as well as others who are seeking to supplement their income by growing their real estate portfolio.
An appraisal is necessary to properly evaluate the property subject to the rehab or scope of work.
Once all necessary documents have been submitted (application, clear title and appraisal) we can close as quickly as one day. On average, the process can take about 2 weeks from start to finish.
Once submitted, a preliminary terms sheet will be sent to you. Once term sheet is signed and approved, we will order the appraisal and you will be responsible for payment directly to the appraiser.
Interest only payments plus the tax escrow payment is automatically debited via ACH withdrawal.
Our loans are 6 month terms with extensions available upon request. Rates are 10.99%. Lender fees are 3%; 1% paid at loan origination; 2 % at end of loan term. Processing fees are $1,795 which includes initial inspection fee, processing fee, appraisal and doc prep fees.
Once requested, we will inspect the property to determine the amount of work completed. Upon receipt 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.
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
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
The property will be inspected by the appraiser during the appraisal process and during the course of the project.
Our 6 month loan program can be extended upon request subject to pay history.
G.O.A.T. Funding Group does not take into account a borrowers credit score for approval, however it can affect interest rate and loan structure.
Still have you any problem for solutions?
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Office address:
1795 Northwest Highway
Garland, Texas 75041
Call for help:
(972) 905-9643
Mail for information:
info@goatfundinggroup.com