Frequently Asked Questions

FAQ2018-10-23T20:53:35+00:00

Bold Funding

Bold Funding Group funds loans that banks  won’t. We are flexible and have the ability to create personalized loan structures for all your commercial real estate needs.

What is Hard Money?

A Hard Money loan is asset-based, meaning that the loan is considered primarily on the value of the hard asset (usually real estate) rather than on the borrower’s qualifications (income and credit).  A hard-money loan has many advantages for the borrower needing a short-term loan for a fix and flip, fix and hold, refinance, construction or bridge loan.  Obtaining a hard money loan is faster and easier than traditional financing, eliminating most of the red tape!

What is your loan process?

To get started, get a property under contract, then fill out our loan application. The process is quick and easy.

Where do you lend?

We lend on properties throughout the United States.

What type of properties do you finance? What don’t you finance?

Bold Funding Group lends on a variety of real estate collateral including single-family properties, multi-family properties, land, and commercial buildings – all with or without rehab needs. As long as it’s for commercial/investment purposes.

Are your loans based on the property alone or on my qualifications as well?

Primarily the property and your liquid reserves. However, your income, assets, liabilities and credit are reviewed to determine your ability to pay existing liabilities, and we’ll ask you about any bankruptcies and foreclosures as well as current liens or judgments that could attach to the property. None of these, alone, would necessarily disqualify you from loan approval. We look at your overall financial profile, experience as an investor, reserves, and income to support the loan.

Do I need to get pre-approved prior to making an offer?

No. Once you have located a property, make your offer and get the property under contract. Then fill out and submit the Loan Application and supporting documents.  We will get back to you within 48 hours with a loan pre-approval decision and amount. Final approval will be given upon confirmation of value – usually by Broker Price Opinion – and all required documentation.

How fast can you close?

Once we receive your application, purchase contract, Broker Price Opinion or Appraisal, and supporting documentation we can usually close within 10-14 business days – often sooner.

What is the payment structure?

Most of our loans are structured as monthly interest-only payments with a balloon payment at maturity.

Will Bold Funding take a second position or allow second mortgages on my rehab project?

Most of our loans are made in the 1st lien position. In certain cases, when there is sufficient equity in the property.

Can closing and rehab costs be rolled into the loan?

Our goal is to get you into a property for as little cash out of pocket as possible. Thus, as long as the loan does not exceed the maximum LTV, you may have some or all of your closing and rehab costs rolled into the loan and you may get into a property with little or no money down.

Once your property is under contract and you have submitted your loan application, we use county records & MLS comps to conduct a comprehensive market analysis to determine value for conditionally pre-approving the loan.

For final loan approval, all loans require a Broker Price Opinion (BPO) or an appraisal from a licensed appraiser and ultimately the loan amount is based on that value. We will fund loans based on the ARV (after repair value) of the property requiring you to locate an appraiser who is willing and qualified to do an ARV appraisal with your repair budget in hand.

Will you refinance a property that I currently own and/or extend a loan I have with Bold Funding Group?

Yes, we will refinance a loan and consider extending/renewing a loan you have with us (terms to be negotiated), depending upon your payment history and market conditions.

Can I take title in the name of my LLC or corporation?

Yes, title may be taken in the name of a validly formed and existing entity.  We will require a personal guarantee on loans closed in the name of the entity.

Do you use your own funds or funds from private lenders?

Both. We have our own funds available for loans that need to be funded very quickly. We also have a broad base of private lenders, each who have unique lending parameters. We find the right loans for each lender and vice versa.