Frequently Asked Questions
Is there a fee to process the loan application?
For some of our loans programs, yes, there is a non-refundable application fee of $197 for initiating the loan application process. This fee covers the cost of conducting background and credit checks on the guarantor(s), which helps us lend responsibly and offer you the most competitive rates.
Does credit determine loan approval?
No, most of our loans are asset-based, meaning they are determined by the value of the asset rather than your credit score, income, debt levels nor experience. However, a higher credit score may help you secure more favorable rates.
Is a title report required to begin processing the loan?
Yes, a title report is required to start processing your loan application. After you submit your application, we will ask you to provide a title report for the subject property, along with any other required documentation.
The cost of the title report may vary based on factors like the property's location, size, value, and the title company you choose.
If you need assistance finding a title company, you can select one from our list of approved national title companies by Clicking Here.
What is a property survey? Is it required to begin processing the loan?
A property survey establishes and verifies land boundaries, including the area a home sits on, as well as any subsurface improvements like septic tanks or wells. It also identifies any restrictions or conditions related to the property's legal description, such as easements or encroachments.
While a property survey is not required to start processing your loan, it may be necessary if requested during the underwriting process.
How much do appraisals cost?
Appraisal rates are based on current market rates in your area and can range from $300 to $600 or more. The cost varies depending on the type and location of the property. For typical single-family homes, condos, townhouses, or manufactured homes, the appraisal usually costs between $395 and $575. Multi-family units generally range from $550 to $645. Properties located in rural areas might incur higher costs due to increased travel time or the availability of appraisers.
Can I obtain preliminary information about the subject property before purchasing a full appraisal report if needed?
Yes, you have the option to purchase a Collateral DNA Report through one of our loan partners, COGO Capital, for just $25.
The COGO Capital Collateral DNA Report offers comprehensive data about the property you're interested in. It includes details such as sales history, comparable properties, recent sales, current listings (when available), as well as market trends, school information, foreclosure impact, and inventory levels. This report helps you assess the property’s value, giving you an early indication of whether it will appraise well, potentially saving you from spending hundreds on an appraisal that might not meet your expectations.
This valuable report provides a detailed analysis that can closely approximate an actual appraisal, making it an excellent tool for evaluating investment properties at a minimal cost. It offers insights from one of the most reliable data sources available, covering nearly 95% of residential investment properties in the U.S.
*By clicking on 'Click Here to Order Your Collateral DNA Report,' you'll be redirected to our loan partner, COGO Capital, where you can place your order for the Collateral DNA Report.
Do you lend on owner-occupied properties?
No, we do not provide loans for owner-occupied properties. Our lending is limited to non-owner occupied properties due to the legal and regulatory constraints associated with owner-occupied properties, which do not align with our business model.
Do you lend to sole proprietors?
Yes, if you create an LLC, a corporation, an IRA, or a trust before the close of escrow.
How long does it take to close my loan and receive funding?
four to seven days after we receive all required documentation, which can often take three to four weeks. Though we can do it faster, a good estimate would be three to four weeks after we receive the basic application package. The key factor is the amount of time it takes you and your team to supply all the supporting documentation.
What are your rates and loan origination fees?
Our loans are asset-based and our decisions are logic-based. That means we base our decisions about funding and rates on the perceived risk associated with the property. If you have a property under contract, submit it. Our rates are competitive in the private money market.
How much money do I have to put down for a loan?
Generally, you will have to put down 10% for some of our loan in addition to paying for the closing costs. However, we have our NO money down program that your real estate investment deal may qualify for. Call us at 470-222-3912, email us at support@riveroflifelendingsolutions.com for current information about our No Money Down Loan program, or click here to learn about our No Money Down Loan program.
Is an appraisal required?
An appraisal is required for some of our loan programs. However, we do offer NO Appraisal loans for all real estate project types. To learn more contact us at 470-222-3912 or email us at support@riveroflifelendingsolutions.com.