Frequently Asked Questions
Do I need to make a down payment?
ANSWER: We can fund 100% of your purchase and rehab cost. For short-term loans we fund up to 75% of the after-repair value. For long-term loans, we fund 75% of the full appraised value.
What criteria does Ninety8 Capital use to approve or deny a loan application?
ANSWER: We analyze both the borrower and the property to ensure the likelihood of a positive outcome. Before approving a loan, we analyze: 1. Comparable Properties to arrive at an after-repair value 2. As-is Photos 3. Itemized scope of work 4. Proof of Current Liquidity (Checking account, savings account, stocks,etc) 5. Purchase contract 6. LLC docs 7. Rehab Scope 8. Lease & ledger (if applicable)
Does Ninety8 Capital run my credit?
ANSWER: No. When reviewing loan applications, we focus primarily on the asset itself and the ability of the borrower to pay the loan. We do not require a credit report.
Is there a minimum loan amount for short-term loans?
ANSWER: No, but there is a minimum origination fee of 5% on our 6-month loans.
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Is there a pre-payment penalty?
ANSWER: No. But you have to pay a minimum of three months worth of interest.
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How fast can you close & fund?
ANSWER: It usually takes 3 days after loan approval and assuming title work has already been started with your closing agent. Title work usually takes 7-10 days to receive and any issues will need to be resolved prior to closing.
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How does the draw process work?
ANSWER: We ask that draw requests be submitted by Tuesday evenings each week. We pay on Thursdays to help you pay contractors each Friday.
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What do you need from me to request a draw?
ANSWER: 1. An invoice showing which rehab items have been completed and the amount requested for each line item based on your rehab budget. (Please note we cannot pay out more than you have budgeted for any item) 2. Photos and a video starting at the outside of the front of the house and moving inside to show all completed work being requested in the rehab draw.
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When are my payments due?
ANSWER: Monthly interest payments are due on the 1st of each month. Payments will be considered late if not received by the 10th of each month and will incur a late fee of 10% of the monthly payment.
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How can I pay?
ANSWER: You will receive an email once your loan is set up in our system with an ACH Authorization form. We can set this ACH up for you or you can mail or bring a check to 4728 Spottswood Ave #279.
Contact
FIND YOUR NEXT INVESTMENT
4728 Spottswood Ave,
Memphis, TN 38117
(901) 341-7521
Exploring a new real estate investment with Ninety8 Capital's private lending is a flexible and speedy approach. By tapping into private loans, you get quick access to funds from individual investors, making it easier to seize unique investment opportunities that may not be available through regular channels. This alternative financing option adds versatility to your strategy, allowing you to diversify your portfolio effortlessly.
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