FAQS
WHAT STATES DO YOU OFFER EARNEST MONEY DEPOSIT LOANS IN?
Earnest Money Deposits available in:
ALL 50 STATES
WHAT ARE THE EARNEST MONEY DEPOSIT FEES?
Earnest Money Deposit Fees are as follows:
Loans Up to $1,000-- $800 flat fee
Loans $1,001-$5,000 $1,200 flat fee
This accounts for up to 60 days of hold time. Additional fees may apply if transaction does not close within 60 days.
HOW DO I PAY THE FEES?
Earnest Money Deposit Fees are paid at closing through the HUD statement. All earnest money deposits will be paid directly to the escrow account and will be returned to the lender (Motivated Cash) if the transaction does not close.
WHAT STATES DO YOU OFFER HARD MONEY LOAN SERVICES IN?
Loan services available in:
AK, AL, AR, CO, CT, DC, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MO, MS, MT, NE, NH, NM, OH, OK, PA, RI, SC, TN, TX, UT, VA, WA, WI, WV, WY
WHY DO I HAVE TO HAVE THE PROPERTY UNDER CONTRACT FIRST?
A hard money or private money real estate loan is based on the deal. Without the deal in place there is nothing for a lender to lend on. Lenders cannot write blank checks for the property you saw on Zillow and think it is a good deal. The deal needs to be vetted and approved before any funding can be considered.
WHAT ARE THE HARD MONEY RATES?
The rates vary from lender to lender and deal to deal. We work with lenders with rates starting at 6.5% and go up to 20%. The rates can't be predetermined until we have all deal and borrower details.
CAN I BE PRE-APPROVED FOR A LOAN?
There is not a "pre-approval" process like you would find in a traditional loan. The loans and rates are based on the deal. Contact us if you need a proof of funds letter.
IS THERE REALLY 100% FINANCING?
Yes 100% financing does exists however it is for very specific cases. Typically you will get 70%-85% of your purchase price and 100% of rehab cost on a fix and flip.
How CAN I ANALYZE A DEAL QUCIKLY?
The best way to analyze deals is working with real estate professionals, but as a quick reference to get things started you can use services like DealCheck to quickly analyze deals on the go. Use promo code MOTIVATEDCASH for 20% off your paid subscription.
WHY USE A BROKER?
You very well could spend your time searching for your own lender. It is a very time consuming process finding a lender that matches the need for your specific property and situation. As a broker I have access to special rates from lenders as well as an expertly curated list of lenders for all types of investors and property needs. I work 1 on 1 with you to make sure we have the right lender for your deal from start to finish.