Here are some of the most frequently asked questions by our borrowers!
How do I get terms for my next deal?
Just shoot us the quick application found on our website. It only takes a couple minutes and consists of all the information we need to issue an accurate term sheet.
What kind of loan products do you have?
We have short-term fix-and-flip, bridge, and new construction loans, plus long-term loans for rental purchases and refinances.
We can do residential, commercial, land, and multifamily properties.
What are your fees like?
Fees you will see at closing from Locklin Capital will include :
Origination fee or "Points"
Other costs at closing will come from a third-party, which you are usually free to shop. These may include appraiser, closing attorney, and insurance provider.
How fast can you close?
In most short-term loan scenarios we can conduct an in-house valuation and avoid a third-party appraisal, which allows us to close as soon as we have title, insurance, and a full loan file. We can usually close in a week or two without issue.
What are the credit and experience requirements?
As long as you have a good deal on the table, we can probably fund it, as credit requirements are flexible and we do not require previous experience.
However, our more competitively priced options become available once you have 3 previously completed deals and 680+ credit.
Do you issue proof of fund letters?
Yes we do! Just shoot us a quick-app online and we will issue a POF letter, initial terms, and a checklist to close.
How will a loan affect my credit?
We can typically do a soft pull during the underwriting process, and the loans do not show up on your credit report.
How does the draw process work?
Our draw fees range from $125 to $175 per draw and are based on completed work. We rely on quality inspectors to conduct draw inspections and deliver the reports in a timely manner. The typical turnaround time for a draw is 2-4 days.