At Complete Lending, we pride ourselves on being the nation’s only Consultative Hard and Private Money Lender specializing in non-owner occupied residential investment loans. We are focused on providing mortgages to real estate investors in all 50 states. Unlike other lenders who just fund deals, we provide continued education, resources, market insight, to our investors helping them grow their business… oh, and we fund their deals! Whether it’s a house, condo, or an apartment building you need a mortgage lender who will tell you when it’s a bad deal, steer you through complexity, and look out for your best interests. Complete Lending is proud to work with investors across the nation and make their real estate goals come true. What makes Complete Lending unique is we are the Nation’s only consultative lender. While many hard and private money lenders can fund your loan, they lack the real world, boots-on-the-ground real estate investment background to help you increase profit and scale your business to higher levels. Our goal is to get our message out to real estate investors nationwide letting them know there is a better lending solution. With Complete Lending, they not only get the money they need but a lot more ultimately helping them to become more successful.
A hard money loan is an asset-based loan through which a borrower receives funds secured by real property.
We understand your business because we have been personally involved in thousands of transactions at this point and are still currently investing in the real estate. While many hard and private money lenders can fund your loan, they lack the real world, boots-on-the-ground real estate investment background to help you increase profit and scale your business to higher levels. Our experience gives us invaluable insights into what works and what doesn’t. We’re on a mission to make sure your interests stay protected as you move forward.
You can apply to be pre-approved based on your credit and financial information with or without a property under contract.
Complete Lending understands that we all have to start someplace so we will consider people with little or no experience. In these cases, we will typically be looking for a little higher credit score and some more liquid capital to qualify. We will also want to know you are working with an experienced contractor. New investors may be limited on loan amounts.
We can supply a Proof of Funds Letter once you have been pre-qualified if you cannot get a POF elsewhere. There is NO COST to get pre-qualified but please understand we are not in the business of writing pre-qualification letters as a full-time job. Please use this service only as needed.
We will ask for your credit, financial strength and industry experience to provide you with a Proof of Funds letter.
Complete Lending orders the appraisal.
The approval of a loan usually takes about 1 business day. Once approved, all we need is a valid appraisal, clear title and evidence of insurance to close the loan. On average, a loan that is submitted can fund within 14-17 days.
That all depends on the deal, the borrower and the location of the property. Interest rate range from 7-11% and are paid on a monthly basis during the loan. Complete Lending charges a $995 processing fee and a $995 document preparation fee. The origination fee, otherwise known as points, can vary from 1-4 and can NOT be rolled into the loan.
A point refers to the origination fee charged by a lender in a real estate transaction with 1 point equaling 1% of the amount of the loan.
We charge interest on the funded note amount. Unlike some other lenders, we will not charge interest on repair funds until they are drawn.
Currently, we have loan programs that fund up to 90% of the purchase price and 100% of the repair costs (not to exceed 75% of After Repaired Value (ARV) for experienced investors or 70% of ARV for newer investors. We will consider properties over 70% (65% for newer investors), but at our discretion and you may be required to make up the difference at origination.
After Repaired Value is the fair market value of the house after you have made the repairs to the home contemplated by your fix-and-flip business plan.
We confirm the values against the appraisal and use a percentage of the appraised value
Complete Lending creates loans between $75,000 and $1,500,000 for most situations
Complete Lending have loan programs with as short of a term as 6 months and as long of a term as 30 years
Simply call us directly or go to our website and apply online
Most of our loan Programs are available for Single family homes, duplexes, triplexes and quadplexes.
Yes, prior to funding your fix-and-flip loan, we will send an appraiser to the property to verify the condition of the home and confirm its ARV. We also send inspectors to the property with each repair draw to confirm that the repairs have been completed in a workmanlike manner.
Yes. We require an insurance policy on each property for which we have an outstanding loan
Provided you have clear title, a completed appraisal and insurance on the property, we can wire funds within 24 to 48 hours.
We wire closing proceeds directly to the title company or attorney. We wire repair draw reimbursement to the borrower’s bank account.
After completing the work, submit your draw request and we will send an inspector to the property to verify the work has been done in a workmanlike manner.
Credit issues alone will not necessarily prevent a borrower from qualifying for a loan; however, MEDIAN credit scores of 600 or above will allow many more loan program opportunities then applicants with less than 600 median credit scores.
Complete Lending will only make a loan to an LLC or other business entity (i.e.: partnership). If you do not have an established entity set up, you will need to set one up prior to us funding your loan.
Yes. Complete Lending requires the loan closing to be completed at a title company, attorney’s, or escrow office.
At closing, the borrower needs to bring enough money required to pay for the down payment, lending costs and any other closing costs required by 3rd parties.
In many cases, NO. In some rare occasions, Complete Lending may require the borrower to submit the prior year’s tax return. Many times the only request is for the most recent pay stub and the most recent bank statements of the borrower (personal and business).
Complete Lending has lending abilities in every state within the USA.
Complete Lending does offer construction loans at this time, up to 90% of the contrstruction budget.
When the rehab budget is greater than or equal to the purchase price or as-is value, we classify this as being “Heavy Rehab.” A change of use (such as condo conversion) or addition that involves more than a 20% expansion of the property of at least 750 sq ft is also classified as “Heavy Rehab.” Anytime a scenario is classified as “Heavy Rehab” it requires us to dock the Loan to value. For a borrower with 0-2 experience, the max LTV on a “Heavy Rehab” purchase transaction is 75/100/65 (so -5% hit to purchase and -5% hit to ARV.) We are not able to do a refinance or cash-out “Heavy Rehab” scenario for a borrower with 0-2 experience. For a borrower with 3+ experience, the max LTV on a “Heavy Rehab” purchase transaction is 80/100/70 (so -5% hit to purchase and -5% hit to ARV.) On a “Heavy Rehab” refinance the max leverage drops to 70/100/67.5 and on a cash-out it drops a bit further to 67.5/100/65.
No. Under no circumstances will Complete Lending consider a land loan.
No. Under no circumstances will Complete Lending loan money to a borrower on their primary residence.
Yes. Most loans we write are considered an asset-based loan through which a borrower receives funds secured by real property.
Yes. To obtain more than one loan at a time, the borrower must have the financial strength and industry experience to be proven worthy of managing more than one project at a time.
Complete Lending will consider up to a 90-day extension for performing loans that need additional time to complete the repairs prior to sale. An extension fee will be charged.
Under special circumstances, Complete Lending will consider loans less than $75,000.
We will loan on projects with combined purchase and repair costs up to 75% of the after-repair value. Experienced investors with deals exceeding 75% of ARV will be considered on a case by case basis.
No. There are no pre-payment penalties on a loan that is paid in full prior to the expiration of the term of the loan.
1- deals with clients we have previously worked with 2- deals that we use private money on 3- deals that already have appraisals completed on if not in So Cal (we know the market here so well we may not require them)