FAQs

Loan Products

We typically offer loans in Austin, San Antonio, Dallas, and Houston, as well as smaller markets such as Waco, College Station, Beaumont, Corpus Christi, etc. However, we have the ability to execute loans outside those areas.

Our loans start at 10% interest with 2 points.

We can’t say for sure without reviewing your full application and knowing the specifics of the property, but the majority of our loans are at this rate. 

We look at both the borrower and the property on all of our loans. For the borrower, the main things we consider when determining rate and term are experience, income, liquidity, net worth, and credit score. For the property, we consider type of usage, extent of renovation, and as-repaired value (ARV). However, Corridor Funding can be creative with all loan scenarios in a way traditional lenders are not able to.

In most cases, the loan amount must be lower than 75% of the ARV.

We charge a flat $885 processing fee on all loans. This fee is due at closing and will be on your HUD statement as part of closing costs. 

Yes, it is generally $75,000.  The minimum origination fee is $2,500.

All loans are interest only unless otherwise stated.

Our loans vary in length from 12 months to 30 years.

No, except where otherwise noted. Interest is calculated daily, and there is no minimum time or interest amount.

Yes. Contact us for more details. 

Application Process

No. We will accept an appraisal from any state licensed appraiser. We do not have appraisers that work for us, but we will be glad to set up your appraisal  if you wish.

We do not charge for appraisals – you pay the appraiser directly. 

We can close within one week from receiving a complete application packet, pending appraiser availability and title work.

No, we do not require a survey, however, we require survey coverage on the title insurance policy.

Yes, loans can be done in an LLC’s name or an individual’s name. Generally, loans for LLCs require a personal guarantee.

Yes, we can provide you with a pre-approval letter after you submit your application packet.

Yes, we offer 100% financing with cross-collateralization. 

Draw Process

The rehab portion of your loan is placed into an escrow account at the time of funding. Once the money has been spent on the project, an inspection will be done on the property and the  draw will be released. 

We can usually receive an inspection report within 48-72 hours and disperse the funds the following day.

You pay for the cost of an independent inspector to verify the work completed to date. This cost is usually under $200.

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