The following are some frequently asked questions from our clients about our services. If you did not find an answer or one that is specific to your situation, do not worry. Contact us today and we will have a representative get back to you shortly.
Q: How quickly can a loan process be closed?
A: At Align Capital Corp., we try our best to make the asset based lending process as easy and hassle-free as possible for our clients. It usually takes between 2 to 3 weeks from the initial contact to the borrower getting the money.
Q: Do I need to have good credit as a borrower?
A: While we do pay attention to a client’s good credit score, there are some exceptions made when it comes to getting a asset based loan.
Q: Do I need cash to close?
A: Yes, generally our clients are required to have at least some cash to settle or pay interest over the duration of the loan or be able to deal with possible cost overruns.
Q: Is experience necessary to close?
A: While having experience is helpful, we do offer asset based loans to beginners who are just starting out with fixing-and-flipping or with a new construction project.
Q: Where do I start?
A: Our clients start the loan process by filling out our simple Letter of Intent (LOI) form. You can also contact us via phone call or email with the basic summary of the deal. Our agents will then ask you some question regarding project and will gather any other information where necessary. After reviewing the information provided by you, we will let you know the amount of the loan which can be granted for your real estate project. We will be with you through every step of the way during the entire process.
Q: What initial paperwork will be required for the loan?
A: No, we are not going to require any initial paperwork to get the loan process started. However, it will be helpful if you provide a loan application along with a summary of the deal, the proposed scope of work and the purchase contract. While not mandatory during the initial stages, this information will help us streamline the loan process.
Q: Describe a typical structure of a loan?
A: At Align Capital Corp., we offer a one-year asset based loan that’s interest only until its maturity. This also means there is no repayment penalty. Borrowers can contact us today to find out more about the structure of the loan.
Q. Are individuals eligible for a loan?
A: Yes, both entities and individuals are eligible for our asset based loans.
Q: Do you accept a 2nd lien position on a loan?
A: No, Align Capital Corp. is a 1st lien lender only.
Q: What about new construction loans?
A: Yes, our asset based loans can be used by experienced professionals as well as beginners in the real estate fix-and-flip or new construction business.
Q: Is Align Capital Corp. a direct lender?
A: Yes, we are a direct lender with control of our own funds and decision making.
Q: How long will I have to wait for a preliminary approval?
A: Thanks to our years of experience and fast processing framework, our borrowers do not have to wait for more than 24 hours to get a preliminary approval if their submission is sent to us in a complete form.
Q: Do you roll loan costs into the asset based loan?
A: Yes. This depends on the individual circumstance or the borrower and the loan. For more information on this, you can contact our agents.
Q: Do you offer discounts for return borrowers?
A: Yes, if we have had a pleasant borrowing experience from our clients, it is possible for us to offer discounts in the pricing. However, this is not guaranteed.
Q: What is the minimum credit score required for a loan?
A: The good news about doing business with Align Capital Corp. is that we do not require our borrowers to have a sparkling credit score, although that would be preferred. Our loan agents will examine the credit of the borrower. If the borrower does have an extremely poor credit score, we will look at other parts of the deal to make is safer to do business with them.
Q: Is there any specific income requirements for getting a loan?
A: No, we have not set any income requirements for our borrowers. That said, the borrower needs to demonstrate the ability to pay the interest when scheduled to avoid any penalties.
Q: Will you speak and meet with the borrower directly?
A: Yes, Align Capital Corp. makes it a point to meet with all of our clients face-to-face when going through the loan process.
Q: Will you allow re-financing of my property if I already own it and want to sell or rehab it?
A: Yes, but only if the borrower does not reside in the house and has no intentions of living in the property.
Q: Will you lend 100% of rehab costs?
A: Yes. But, first we are going to carefully examine the scope of work that is required in the fix and flip or new construction project.
Q: What properties do you normally lend on?
A: Align Capital Corp. concentrates on delivering fast and efficient asset based loans for single and multi-family residential real estate, including commercial properties.
