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FAQs |
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1. After we submit a project using your submission form, when will we hear from you? We will call you usually within one business day after reviewing your information. Please be available. We will make up to three attempts to reach you via return email and/or by phone. If you don't respond to our e-mail or take our calls, your request will be deleted. 2. What are your rates? Rates depend on the type of financing, the type of property and the credit rating of the principals. Long-term fixed rate loan rates are generally higher than adjustable loan rates. We can provide a range of rates if you ask, but not an actual rate until we have an opportunity to review your loan package. Even then, rates are subject to change until you receive a lock. 3 .How long does it take to close? That depends on how quickly we can receive the information we request. Most “delays” are actually caused by the potential borrower. If everything goes smoothly, usually within 45-60 days. Some “low-doc” loans may be able to close in as little as 30 days. Some hard money loans can potentially close in a week 4. What does it cost to apply for a loan? At Bluewater Funding, pre-approval is free. If you decide to move forward, you will be required to deposit funds for third-party reports (e.g., appraisal, property inspections, legal, etc.). 5. What is the difference between a recourse loan and a non recourse loan? A recourse loan means the loan is guaranteed by the borrower personally. A non-recourse loan means a third-party organization is formed for the property, such as an LLC or corporation. If the loan defaults for any reason, the mortgage holder would then take control of the LLC or corporation.. 6. What is Net Operating Income (NOI)? NOI is gross rent or income less expenses on the property. 7. What is ADS (Annual Debt Service)? Annual Debt Service is the monthly principal and interest times 12 months (not including taxes and insurance in the ADS). 8. What is a CAP Rate? CAP rate is a measurement of the rate of return on an investment. You calculate this by taking the NOI and dividing it by purchase price. The NOI divided by the CAP Rate = Value 9. Can I order an Appraisal or use an existing appraisal? Bluewater Funding does not allow for the use of existing appraisals. We will order the appraisal upon receipt of broker and borrower’s fully executed acceptance of Conditional Loan Approval. 10. Can borrower take title in the name of corporation or other non-person entity? Yes, as long as such entity is legal. 11. Can Bluewater Funding lend to Foreign Nationals or Non-Permanent Resident Aliens? Yes |
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