“FAQ”

What is Hard Money?

Hard money is a short term (typically 6-12 month), asset based loan which is normally utilized to provide acquisition and repair funds to renovate investment properties and make ready for resale, or place the borrower and property in an improved position to refinance the project to a lower market interest rate and longer term.

Why use Hard Money?

Hard Money is fast, easy, reliable and a smart way to leverage limited cash into multiple transactions. “Re-habbers” use hard money to provide them with the ability to close fast and cleanly, while providing both acquisition and repair funds under one product. Landlords use Hard Money to pick up distressed properties with low cash requirements, and also borrow rehab funds instead of having to go back into their own pocket for repairs. Once the home is renovated, it is now eligible to refinance out into a low interest loan product with low to no cash out of pocket, thus reserving as much cash as possible for more deals. In these scenarios, many of our clients ultimately refinance out of our loans in under 90-120 days.

What does it Cost?

Wrong Question!
Many people shop for money the same way they shop for airline flights; by cruising the internet for the best “deal”. But as many a seasoned traveler will tell you, cheapest is not always best. Unlike a bumpy, crowded flight, a bad real estate transaction can stay with you for a very long time, and could financially destroy you. So instead of “rate shopping”, you should be asking “What can you do for me?” Our vendor resources range from honest local contractors, realtors, bank lenders, title companies and real estate attorneys, to name a few. It is these “value added” relationships and local knowledge that a (good) Hard Money lender really provides. Not just cash. So ask for the lender’s experience, not in loaning money, but in doing what you do; Investing in Real Estate!
But for those who must shop, give us a call to discuss your individual project, as each deal is different, and we will do our best to quote you a fair and very competitive price. All our pricing is transparent, with no hidden fees or teaser rates. Integrity and market knowledge is what sets us apart.

What are your loan limits?

Quiver Funding, LLC will loan up to 70% of the After Repaired Value (ARV) of your investment property (no owner occupied homes). Our lending limits range from a minimum of $50,000 to $500,000.

Are there any prepayment penalties or loan servicing fees?

Never. All our loans may be paid off at any time, without penalty. Use our money for one day, or the full term, the cost is the same, only an interest per diem is charged for the additional days.

How does it work?

We typically loan funds for purchase price only. A borrower brings us a property which they are under contract on. (Or we provide a letter of funds to submit with an offer to purchase). We then qualify the property and are prepared for the closing date. Our loans are as high as 75% of the purchase price, but could go higher on review. The borrower brings in the balance, as well as rehab costs. The loans are for a 6 month commitment, with an option to extend for two 3 month extensions.

How much cash will I need?

Most of our clients average around 20-25% cash out of pocket at closing, although some will close with far less. The actual amount needed is driven by many factors, including experience, depth of the lender-borrower relationship and the property itself.

How fast can you close?

As a Direct Lender, we can close as fast as the title company can clear title in most cases. Most clients close in 5-7 business days, but we have closed and funded loans in a matter of hours from the time of application. We can close as quickly as you need us to. It’s our money.

Will you do 2nd Liens?

All of our loans require clear title and a first lien position on real estate. We cannot loan on personal property, nor can we loan in 2nd or lower position.