With over twenty years’ experience in lending to active real estate borrowers, Rock East Funding has established itself as the premier private lender in the NY tri state area. Our enormous resources have enabled us to fund more than 8,000 loans aggregating more than $1,000,000,000. When the time comes, we will always be ready to fund your loan. Loan Program:
Acquisition: We will fund from 80%-90% of the contract purchase price. Our borrower must have some “skin in the game”. Purchase loan will be disbursed at closing. Renovation: We will fund 80%-90% of the renovation costs. Our borrower will submit a SOW (Scope of Work) to be incorporated into our loan underwriting. Renovation funds are disbursed as a construction draw. We will agree with our borrower upon a draw schedule. Each property is inspected prior to a disbursement. We do not charge interest on unused renovation funds. Appraisal: Each property must be appraised by one of our approved appraisers. We work very closely with these appraisers and they understand the goals of the borrower and the quick turnaround time we require to complete our underwriting. Our borrower is responsible for the appraisal fee. Terms: The loan is for one year, interest only, payable monthly (ACH is available). The loan can be prepaid at any time without penalty. At our discretion, the loan can be extended for two six month periods. Closing: Our attorney will travel to the closing. The borrower will be responsible for all closing costs (title charges, lenders attorney fees, points, etc). We will provide the borrower with a funding sheet at least 24 hours prior to closing to show funds available at closing. The borrower will execute the loan documents at closing. Requirements: Our borrower must be an LLC or Corp. All members or shareholders will be required to sign a personal guaranty. The borrower should be experienced in the buying, fixing, and flipping of real estate and have a minimum middle credit score of 650. We must have a first lien position on any property we fund. Payments: Interest payments are due each month the loan is outstanding. Interest is calculated on a daily basis and an invoice will be sent to Borrower on the 23rd of each month. All payments will be made to our third party servicer. Payoffs: When requesting a payoff you simply contact us and we will have one sent to you. We accept wires, bank checks, attorney escrow checks, (case by case basis). Rock East Group is a DIRECT lender. We do not broker out your loan requests. We can give you quick answer and if we commit to fund we will always honor our commitment. With over 20 years in the business we understand the need for quick answers and fast closings.
