Frequently Asked Questions (FAQs) About CRF Loans
To apply for a loan with CRF, you’ll need the following documents:
- Personal Identification: A government-issued ID such as a driver’s license or passport.
- Business Information: If applicable, documents related to your business, such as tax returns or financial statements.
- Property Details: Information about the property, including purchase agreement, property description, and any relevant renovation plans (for fix-and-flip projects).
- Proof of Funds: Bank statements or other documentation showing proof of funds for down payments and project costs.
For a more detailed list of required documents, please refer to our Document Checklist.
CRF Direct offers financing for a wide range of property types, including:
- Single-family homes: Ideal for fix-and-flip or rental investments.
- Multi-family residential properties: Financing for duplexes, triplexes, and apartment buildings.
- Commercial properties: Offices, retail spaces, and warehouses.
- Mixed-use properties: Properties that combine residential and commercial spaces.
- New construction projects: Financing for ground-up construction of residential or commercial buildings.
Loan pricing and terms at CRF Direct are competitive and designed to fit your unique investment needs. Here’s what you can expect:
- Interest Rates: Vary based on the loan product, typically starting as low as 9%.
- Loan Terms: Range from 6 to 24 months for short-term loans, with options for longer-term financing.
- Points and Fees: Points typically range from 2-4%, depending on the loan type, and closing fees may apply.
CRF Direct offers flexible loan limits based on the size and scope of your project:
- Minimum Loan Amount: $100,000.
- Maximum Loan Amount: Up to $5 million for large commercial or multi-family projects.
- Loan-to-Value (LTV): We typically offer up to 65% LTV for commercial properties, depending on the specifics of the deal.
CRF Direct’s underwriting process is based on a thorough assessment of the borrower’s financial situation and the property value. Our standard LTV ratios are:
- Residential Investment Properties: Up to 75% of the property’s value.
- Commercial Properties: Up to 70% of the property’s value.
- Fix and Flip Loans: Up to 80% of the purchase price and up to 100% of renovation costs (subject to approval).
The loan approval process at CRF Direct is streamlined for efficiency and speed. Here’s how it works:
- Application Submission: Submit your application with all required documentation.
- Initial Review: We conduct an initial review of your financials, property, and project details.
- Underwriting: Our underwriting team will assess your application and determine loan terms based on your financial situation and property value.
- Property Appraisal: For real estate loans, a property appraisal may be required to determine the value.
- Approval and Funding: Once approved, funds are typically disbursed within 5 to 10 business days.
CRF Direct evaluates several key factors during the loan approval process, including:
- Creditworthiness: We assess your credit score and financial history, though we are more flexible than traditional lenders.
- Property Value: The current and after-renovation value (ARV) of the property.
- Experience: Prior experience in real estate investment can strengthen your application.
- Down Payment and Proof of Funds: Showing that you have the necessary funds for down payments and project costs is critical for approval.
These FAQs are designed to answer the most common questions potential clients may have when considering CRF for their real estate financing needs. For more information reach out to one of our team members to learn more or click the link below.
