FREQUENTLY ASKED QUESTIONS: PROFITABLEPROPERTY FINANCING
Click on each question below to see the answer.
Should I wait until I have a deal
before submitting my application to ProfitableProperty?
Do
you pull my credit for each loan?
Does my credit have
to be perfect to qualify for ProfitableProperty approval?
I only want to rehab 1 to 2 houses
a year. Should I apply for approval?
How long does it
take to close each loan?
Will Profitable
Property limit the number of deals I can do at
one time?
How long will it take Profitable
Property to fund a rehab draw?
What is my NEXT STEP?
Should I wait until I have
a deal before submitting my application to ProfitableProperty?
ProfitableProperty will not begin the process of
approving your application until you submit a property that
is under contract.
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Do you pull my credit for
each loan?
NO, but we do reserve the right to check your credit report
for the first loan.
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Does my credit have to be
perfect to qualify for ProfitableProperty approval?
ProfitableProperty looks at the total overall potential
of the Investor. However, we do require our investors to
have an "A" or "B" credit grade.
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I only want to rehab 1 to
2 houses a year. Should I apply for approval?
ProfitableProperty’s target investor is one
who has the potential of doing 5 to 10 projects a year. However,
we are currently working with investors who rehab 1 to 2
houses per year.
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How long does it take to
close each loan?
Once you have submitted all the necessary paperwork, ProfitableProperty can
close the loan within two weeks.
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Will ProfitableProperty limit
the number of deals I can do at one time?
As a direct lender, we can potentially provide unlimited
funds to any one borrower and are not subject to any arbitrarily
pre-determined outside lender restrictions. We will work
with you to establish increasing borrowing levels as you
grow and prove your ability to manage multiple projects.
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How long will it take ProfitableProperty to
fund a rehab draw?
ProfitableProperty can wire the money to your bank
or overnight funds within 48 hours of construction inspection.
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What is my NEXT STEP?
Go to the Apply Now
page of this website. Fill out and submit the online form as
directed (or fax it to us at 301-881-5542). We will contact
you to start the application process.
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