Closing Timeframe
We can close hard money loans 24 hours from receipt of appraisal & clear title.
We strive to close in 7 business days from the date we received all the following: Contract, repair budget, asset documentation and signed disclosures. Any delays in providing or returning documents will delay closing.
Requested Documentation: All required documents requested from Flash Funding Mortgage should be submitted no later than 24 hours of request to avoid delays in processing.
Loan Terms
These loans are 12-month loans. The rehab must be complete within 6 months to keep the loan in good standing. Failure to complete the rehab project within 6 months can result in the loan being in default, and no additional repair funds would be given after that point. There is an option to extend the agreed rehab completion timeframe on a case-by-case basis decided by Flash Funding Mortgage.
Appraisals
Flash Funding Mortgage has a non-owner-occupied panel of appraisers selected for their expertise and experience in appraising investment properties. Our normal policy is to obtain a “subject to” appraisal to facilitate a quick close. At times we can close with a desktop appraisal, or in specific circumstances close with no appraisal. Regardless, it is still your responsibility to perform your own due diligence, as we are not liable for any degradation you may receive from a sale, or refinance with a full appraisal. If you have time, we are more than happy to order a full appraisal report at your request.
Loan Payments
Flash Funding Mortgage services its loans internally. You will receive additiona information regarding the servicing process and information regarding your payments at closing. To make things easy on you as a customer and ensure more efficient loan servicing overall, we require all loans are set up on auto-draft/ACH. We will collect your ACH information and add this to your borrower profile. You will be able to view this information in your borrower portal. This information must be provided in the borrower portal before closing. Payments are deducted in full on the first of each month.
Funding
Funding for your transaction will typically take place 24 to 48 hours from the time we receive all executed closing documents from the title company. That includes the documents signed by the seller so if they are closing later than you, the “clock” won’t start until they have closed, and we have received the documents. Additionally, if any parties are mail-outs or closing via mobile notary from a remote location, funding may be delayed by the additional days it takes for the documents to reach the title company. Many times, buyers will try to schedule contractors to start work the day of or after closing. Please understand that typically, your contractor cannot start work until the loan has funded. It is your responsibility to coordinate receiving keys from your seller.
Survey Policy
We always recommend all our clients to obtain a survey prior to closing. There are options to close without a survey if the individual situation permits us to allow this. If Flash Funding Mortgage approves this, we will require a Survey Waiver form to be signed in advance of closing. Approving to closing a loan without a survey is analyzed on a case by case basis; however, we will require a survey without question if any of the following occur: The property’s legal description is Metes and Bounds, there has been an addition to the original structure of the home, there are any detached structure not connected to the main house, or if there is a pool.
Draw Requests
Draw requests are made inside of your borrower portal. From the day you request your draw, we strive to have the money in your account within 3-5 business days. Draw requests will be made through your borrower portal. Step by Step instructions will be emailed to you after closing with details on how to make draw requests.
