Frequently Asked Questions
How Fast Can You Fund?
We like to answer this question with “As fast as you need us to close.” We regularly close loans in less than 10 days. Our fastest funding is 3 business days. The speed in which we can fund is dependent on your file and if all parties are in a position to close.
Do you have a minimum FICO requirement?
For our 1-4 unit residential property loans and commercial bridge loans, we do not have a minimum FICO requirement. For our 1-4 Unit Rental Loan Product there is a minimum FICO score. Please reach out to us regarding this minimum score as underwriting guidelines change from time to time.
Do allow 2nd position loans, junior financing, seller carry backs, or subordinate private loans at closing?
Yes, we allow for junior financing on all of our loan products except our 1-4 unit rental property loan. In fact, many of our client’s utilize 2nd position loans to close their purchases, or negotiate seller carry back financing on their Commercial or Residential investments.
What do I need to get set up as a borrower of SLCG?
All you need to do is give us a call or send us an email. Getting in contact with Corey early on in your process will allow you to get set up as a borrower and use S&L Capital Group as a resource when analyzing your deal. Contact Corey for a short borrower needs list.
Do you have prepayment penalties?
Our Commercial and Residential Bridge loans have no prepayment penalty options available. Our fix and flip loans do not have prepayment penalties. When offering our long term rental loans on 1-4 unit properties, there is a step-down prepayment penalty for that loan option.
Do you offer non-recourse loans?
We offer both recourse and non-recourse loans.
Are you a direct lender?
Are you a broker friendly company?
Yes, we enjoy working with our real estate broker and mortgage broker referral partners.
Do you have an experience requirement?
We do not have an experience requirement and enjoy being involved with investors who are breaking into the industry. We also like to note that we have high volume borrower programs for those investors who work on multiple deals throughout the year.
Who do you report to? Is that even needed?
In the state of California, Hard Money Lenders can fund loans under a California Department of Real Estate Broker’s License or a California Finance Lenders (CFL) License. S&L Capital Group operates under the California DRE Lic No. 02041544. As a Company, we are subject to quarterly and annual reporting requirements to the Department of Real Estate. As with all California Real Estate Brokers, we are subject to random audits performed by the DRE.
Do you provide preapproval letters?
Yes, we provide property specific pre-approval letters. Reach out to us to get a borrower needs list completed in order to get set up for pre-approvals to help support your offers.
Why would I use hard money?
There are many reasons why using hard money is not only beneficial to your real estate business but very common in the industry.
Please see our borrow page and specific loan programs’ pages for more detail.
Does Pricing Get Better with the number of deals?
When our clients succeed, we succeed, and we want to be a part of your story. As you increase your volume with S&L Capital Group, we want to help improve margins by offering stronger pricing.
Is there a limit on the number of loans I can have with you at any time?
S&L Capital Group does not put a cap on the number of loans you can have with us. We want to be a continued funding resource for our clients, especially as you increase the number of deals you are working on.