The PrivitREI Loan Process
Fast, Transparent, and Tailored to Your Investment Needs
Navigating the lending process can be complex, but PrivitREI makes it straightforward and efficient. Our customized approach to hard money lending ensures that each step is tailored to meet your investment goals. From initial consultation to securing funding and planning your exit strategy, we’re here to support your success every step of the way.
Apply for a Loan with PrivitREI
Simple Steps to Get Started
Hard money loans provide several unique benefits over traditional financing methods, especially for real estate investors. Learn about the quick approval process, flexible terms, and asset-based lending advantages. This section outlines why hard money is often the preferred choice for time-sensitive investments and high-potential projects.
Loan Processing and Term Sheet Review
Moving Forward with Documentation and Terms
After submitting your application, your loan officer will open a file and begin processing your information right away. You’ll be asked to provide some basic documents, such as your driver’s license, LLC details, recent bank statements, and title company contact information. Once we have all necessary documentation, we’ll issue a Term Sheet outlining the loan amount, fees, and financial analysis; simply review, sign, and return it, and we’ll proceed to the final underwriting process without delay.
Underwriting and Loan Commitment
Ensuring Accuracy and Loan Approval
Our underwriter will collaborate with you to confirm the purchase price, review the repair budget, and calculate the estimated after-repair value. During this phase, we’ll need key documents such as the purchase agreement, repair scope of work, and property comps to validate the projected value. After completing all underwriting requirements, you’ll receive a Loan Commitment Letter detailing loan terms and any remaining conditions; once signed and returned, we’ll promptly draft your loan documents and coordinate with your title company.
Funding and Closing
Finalizing Your Loan for Disbursement
Once a closing date is confirmed, we will finalize all loan documents, including the Mortgage, Promissory Note, Loan Agreement, Guaranty, and Escrow Agreement, sending them to both you and your title company for review. Our team will coordinate with your title company to provide closing instructions, add lender charges to the closing statement, and arrange for fund transfer. Before disbursing funds, we’ll require proof of insurance with the lender as additional insured, a lender title insurance commitment, and a thorough review of the closing statement.
Loan Servicing and Draw Process
Simple, Upfront Interest and Hassle-Free Draws
With PrivitREI, all loan interest is paid upfront at settlement, eliminating the need for monthly payments. As you invest in property improvements, once you’ve completed one-third of your repair budget, you can submit receipts and photo or video evidence with your Draw Request Form to receive your first escrow release. This process is repeated two more times until project renovations are complete, at which point you can proceed smoothly to your exit strategy.
Loan Repayment and Mortgage Discharge
Closing Out Your Loan with Ease
When your property sale or refinance is ready to close, simply notify us, and we’ll provide a Mortgage Payoff Statement to your settlement company. Any overpaid loan interest will be prorated back to you at this time, ensuring a fair and transparent repayment. Once the loan is fully repaid, we’ll issue and record a Discharge of Mortgage, marking the successful completion of your loan with PrivitREI.
Let PrivitREI Be Your Partner in Real Estate Success
Ready to Start Your Hard Money Journey?
Explore the possibilities of hard money lending with the support of PrivitREI. Contact us today to learn more or get started with a consultation.
PrïvitREI is a Private Money Lender Serving the Capital Needs of Real Estate Investors and Business Owners in Oklahoma.
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