What is the minimum credit score required to get a loan?
That’s the great thing about our site. Our lender network is filled with lenders of all varieties and different sets of criteria. These are lenders that focus on the numbers of the property…the financials of the deal. They are not as strict on credit score as traditional banks because they are investor friendly. Some of our lenders have minimum credit scores of 700, some have minimums of 640 and some don’t have any minimums. So don’t worry about your credit score because we have lenders for you.
What types of financing do your lenders provide?
We have a diverse range of lenders in our network. Some provide a full breadth of loan products and others specialize in one or two areas. Ultimately, if you fill out the info of your deal, we have lenders for Fix & Flip, Rentals, Single Family, Multi Family, Commercial, Storage, Bridge Loans, Lines of Credit, Refi and New Construction.
What states do your lenders provide financing in?
All 50 states.
Can I get 100% financing?
Most of our lenders will require some money down. They want to make sure you have some “skin in the game”. Now the only way to get 100% financing is by having more than one lender. Many Fix & Flip lenders will fund 80-90% of the purchase and 90-100% of the rehab costs. For rentals, many lenders will require 20-30% down money. On refi loans most will do 70-80% LTV. On the lower end for cash out refi and higher end for straight refi.
You can also bring in a money partner and have them put up the cash needed (as a partner or 2nd lien holder) and get the remaining financing from one of our lenders. That would make it 100% financing for you.
Will your lenders loan to an LLC or Corporation?
Yes, actually some of them not only don’t mind it, they require it. Most of our lenders will only fund non-owner occupied properties because having the property ownership in the name of an entity makes it a “business-purpose loan”. Business-purpose loans are generally exempt from the strict regulations and requirements under Federal Dodd-Frank laws which would disqualify many real estate investors’ abilities to qualify for a loan. Business-purpose loan requirements are much more lenient and flexible making it easier to qualify.
Will you run a credit check?
Total Capital Network does NOT run your credit. Through our submission form you will be asked to provide your best estimate of your credit score. You will be matched up with our lenders based on that credit score (and the other information you fill out). Our lenders will contact you and provide a quote based on the estimate you tell them. If you’re happy with their quote and decide to move forward and start the application, they will need to pull your credit score to be sure the info you provided is accurate.