FAQs

1. How fast can you close the loan?
We generally close the loan in ten (10) days from approval. We look at all scenarios and try to work with you to best suit your needs.

2. How many loans can I obtain through you?
You can obtain an unlimited amount of loans through us.

3. What are the interest rates?
We have varying loan programs with interest rates usually between 12-16% depending upon the strength of the borrower, the property, experience, past history, etc.

4. How long is the average loan for?
The average loan is for one (1) year, although we do have programs from six (6) months up to two (3) years.

5. Are there penalties if I pay off the loans early?
Sometimes, we will discuss with you on a case by case basis.

6. What sizes of loans do you fund?
We fund loans anywhere from $100,000 and up.

7. How do you determine what repairs are needed for the property?
An inspector will inspect your property prior to closing to determine the amount of repairs needed. This will also help to determine the appraisal amount.

8. 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.

9. 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.

10. 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.

11. 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.

12. Can Bluewater Funding lend to Foreign Nationals or Non-Permanent Resident Aliens?
Yes