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Frequently Asked Questions

LENDING CRITERION

 

Q: What are your lending limits?

A: Our sweet spot on loans in the Fix & Flip Market is between $75,000 – $1,000,000

Q: Do you do 100% financing?

A: Yes, we do.  Many times, our borrowers also prefer our successful Joint Venture Program.

Q: What value do you use?

A: Our loans are based up to a 70% loan to value depending on certain criteria of the project.

Q: What Type Properties Do You Lend On?

A: Our main focus is on single and multi-family residential properties consisting of 2-4 family houses. We do not lend on vacant land or development of land consisting of variances, and town approvals of subdivisions.

Q: Will Templar Lend on an Investment Property I Want to Buy and Re-Finance at a Later Date?

 A: Yes we would under certain circumstances

Q: Are there any properties you do not lend on?

A: There are no particular instances, it is more dependent on the price based on the condition, type of property, location and any pre-existing issues.

GENERAL LOAN INFORMATION

Q: In what states and counties do you lend?

A: New Jersey: Including the Counties: Bergen, Essex, Hudson, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and some other counties depending on the location

Q: Who do you lend to?

A: We lend to real estate investors for the purpose of buying, renovating and selling properties. Our usual loan term is 6 months to 1 year. We DO NOT lend to owner occupied properties.

Q: How are the loans structured?

A: Our loans are a 6 to 12-month balloon loans.

Q: Will you take a 2nd lien position on a loan?

A: No, we do not give second position or subordinate loans.

Q: Do you offer new construction financing?

A: Mostly No as this is not our sweet spot in lending. This depends on the borrower’s experience, our relationship, type of new construction, market conditions and loan to value and is decide on a case by case basis.

Q: Are you a direct lender?

A: Yes, we are direct lenders and NOT brokers as we use our company funds along with our investing partners and accredited investors. Your loan is not outsourced to a third-party servicing company as we service our loans directly.

Q: How soon can I expect an approval?

A: Your submission package, if complete, will be reviewed and analyzed within 48 hours. Then you can get a pre-approval based on YOUR application and information of the project. After that, we will perform our full due diligence. Depending on the complexity we will usually give our response in 2-3 days.

LOAN COSTS

Q: What are your fees?

A: Our fees range starting at 1% of the loan amount depending upon the LTV, condition and work involved on the project. We also may include a project management fee depending on the experience of the borrower. Many newer and mid-level investors find this service very valuable as they have added assistance to the project.

Q: Do I need to have good credit?

A: No, as we are truly an asset-based lending program. We look at the project and LTV along with our proprietary program for traditionally non-qualified borrowers.

Q: How do I submit a project for a loan?

A: First you will fill out our basic information package for pre-approval. Then you will submit our “Submission Package” detailing the project and loan requested.

Q: How much interest do you charge?

A: Depending on the project type, condition, amount of work, and the experience and financial strength of the borrower interest starts around 9.9% range.

With our unique Proprietary Programs for Beginners, Mid-Level and less financial strength of our borrowers affords slightly varied higher rates but with the following benefits:

NO Monthly Payments by the Borrowers

NO 3 Month Reserves of Capital

NO Credit Checks

NO Personal Guarantees

NO Upfront Closing Costs Brought to Closing

BASIC REQUIREMENTS

Q: Do I need to be experienced?

A: Mostly yes, but with our unique proprietary programs and assistance, we lend to beginners as well as the less experienced investors. Bring a qualified project and we will assist you in getting the project completed and provide the needed funds.

Q: What about legal representation?

A: We always insist on legal representation and close deals with our approved legal team.  This if for the protection of our borrowers and our company.

Q: What about contractors?

A: They all need to be licensed and approved by us – And with our proprietary programs, we can assist as well in getting your rehab completed by offering our competent contractors and our Project Management Services.