Frequently Asked Questions
What are the standard terms for the Be Remarkable Loan Network (BLN)?
In principal, asset-based loan amounts are based on the value of the real estate asset that is being pledged as collateral. Max loan-to-value varies by loan program.
The Be Remarkable Loan Network (BLN) is able to lend to most states in the U.S. with the exception of Alaska, Nevada, Oregon, North Dakota, South Dakota, Minnesota and Vermont.
BLN requires basic documentation to underwrite the borrower and the property. This includes an application; authorization to run a credit report and background check; copies of bank statements (proof of funds); property appraisal; copies of leases, if appropriate; renovation estimates; and documentation on the business entity.
BLN is an asset-based lender, loan amounts are based on the value of the real estate asset that is being pledged as collateral. Max loan-to-value varies by loan program.
Generally, borrower’s credit score is taken into consideration when underwriting a loan. BLN reviews the individual’s history to determine if there is a repeating pattern of poor financial management or if an isolated incident affected the individual’s credit. We also look at the borrower’s credit in terms of the exit strategy., if the borrower intends to buy and hold rather than fix and flip the property, we will pay closer attention to FICO scores.
Be Remarkable Group does not charge any upfront fees during the pre-approval and approval process such as an application fee. However, the borrower is responsible for third-party fees such as appraisals or project feasibility studies.
Hard money loans are a specific type of asset-based loan that is typically secured by real estate. At Be Remarkable Group, loans are backed by non-owner occupied residential real estate or small balance commercial real estate. In some cases, multiple non-owner occupied properties are cross-collateralized in order to secure the needed loan amount.
Commercial loans are used for business purposes, rather than individual or personal interests. At BRGl, we only make commercial loans that are secured by non-owner occupied residential and commercial real estate.
A bridge loan is typically interim alternative financing used by a business until more conventional financing is secured. The bridge loan may also be used to cover short-term cash-flow issues.
A line of credit can be used for a variety of purposes, such as the funding of construction phases, specific business purchases or addressing cash flow needs.