ITTK – Hard Money

Important Reminders for your Hard Money, FLIP Loan Closing

Catalyst Funding values our relationships with our clients.  We have deep experience and expertise supporting real estate investors. To ensure the loan process is smooth and timely please closely review all items below.

 

If you have any questions or need clarification, please call your loan officer as soon as possible.

 

Requested Documentation:

  • Your initial pre-qualification is based on your credit and the application provided. If the documents provided do not match with your application, it could adversely impact your approval and/or loan terms.
  • All required documents requests from the loan officer or processor should be submitted no later than 48 hours of request or sooner if specified.

Appraisals:

  • The accuracy and detail of your repair budget is imperative. Lack of detail and/or repairs/improvements you plan on making that are not clearly explained could impact the appraisal value.
  • Catalyst has a special Non-Owner-Occupied panel of appraisers selected for their expertise   and experience in appraising homes “subject to repairs” as investment properties.

 

Borrower Portal:

  • The Borrower Portal is where you will follow the progress of your loan(s), submit for draws and many other great features!  You will receive an email invite to create your portal. Once created, your portal is open and you can access all of its features.  Please click here to learn more about the Borrower Portal.

 

Closing:

  • If purchasing a property as an individual (not in an LLC) and your spouse is NOT going to be a borrower on the loan, we will require that he or she signs the Deed of Trust at closing.By signing, the non-borrowing spouse confirms that you are making an investment purchase, which cannot be claimed as a homestead property by law.

 

Loan Payments:

  • Catalyst Funding services its loans internally. You will receive additional information regarding the servicing process and how to make your payments shortly after closing. We require all accounts be paid via auto-draft/ACH.  Please go into your borrower portal and enter your banking info 72 hours before closing. This is a funding requirement.  Payments are deducted on the first of each month.

 

Funding:

  • Funding will typically take place 24 to 48 hours from the time we receive all executed closing documents from the title company.  That includes the documents signed by the seller (which may be closing later than you).
  • If any parties are mail-outs or closing via mobile notary, funding may be delayed by the additional days it takes for the documents to reach the title company.
  • Work should not start on the property until the transaction has funded. Please follow up with the title company regarding the funding.
  • It is your responsibility to coordinate receiving keys from your seller.

 

Draw Request Policy and Procedures:

 

Submit a Draw Request: