Welcome to our Frequently Asked Questions section. Don't see what you need? Email us at firstname.lastname@example.org and we will get you the answer!
How do I get started?
The very best way is to get pre-approved. We can then write you a Proof of Funds Letter to attach to all your offers.
What are your terms?
There are many factors considered before determining your interest rate.
Unlike conventional bank financing, we're an asset-based lender; Your approval, rates and points are based on the following criteria:
1. The strength of the deal (We want you to make money!)
2. Your experience as a rehabber and history with CEB Capital.
3. Your ability to repay the loan (exit strategy, cash reserves, steady employment, etc.)
What if my credit isn't the greatest?
We don't worry about your past credit. Instead, we base all decisions on the strength of the project. BUT, if you have a 650 credit score or better, tell us and we can use that to bring down your rate!
What are your rates?
With that being said, our very best long-term customers receive between 7%-8% interest rates. Experienced rehabbers receive 10%-12% and newbies can expect 14%-15%.
What percentage of purchase price can you fund?
One of our programs lends based on After Repair Value (ARV) of the project. If the deal is strong enough we will lend 100% of the purchase price, rehab costs and the holding costs. This would allow little or no out of pocket money at closing.
What about upfront fees?
Unlike our competitors, we never charge an upfront fee and love to work with newbies.
We strive to offer exceptional service and want to develop a long-term relationship.
Do I need to have a business?
YES. We do require our clients have an LLC or corporation to protect YOU.
If you do not have a business yet, we can recommend several outlets to do this quickly.
How long does this take?
We can get a proof of funds letter to you within days of receiving items 1-8 on the Loan Checklist that is sent in our Welcome Kit.
After we receive your accepted offer and you receive your pre-approval, an appraisal is ordered. The appraisal can take from 2-10 days to complete. Once we receive the appraisal, it takes 5-10 business days to close your loan.
We look forward to hearing from you!
Loans are available only on non-owner occupied real property. Loans are available in: Alabama, Alaska, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Pennsylvania, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, South Carolina, South Dakota, Texas, Virginia, Washington DC, Washington, West Virginia, Wisconsin and Wyoming