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Terms & Conditions

We will provide funding of 65-70% of the “Estimated Repaired Value” (After Repaired Value, ARV) of the property. Loans are approved normally within 3 business days after receipt of the appraisal and the funds are normally available within 5 to 7 days.

Buffalo  Length of Loan up to 6 months, longer terms are negotiable.
Buffalo  3-8 origination points based upon the length, size and risk involved. 
Buffalo  Interest Rate 8-15%. 
Buffalo
 
Great Plains Funding must have 1st Lien Position on all Loans.  Seller Carry-Backs, Contractor Liens or 2nd Mortgages are not allowed 
 

Apply and Contact us today to secure YOUR hard money loan!

Borrower's Responsibilities

Submit via Fax or email, the application documents (see "Application Process").

Fax the signed and accepted real estate purchase contract, a detailed list of proposed repairs including materials and labor costs and a copy of any independent contractor or sub-contractor estimates and /or agreements.

When we have received the above information, our Appraiser and home inspector will contact you to set up the date and time for inspection.


Hazard Insurance:
All properties must be insured at time of closing. Great Plains Funding must be named an additional insured and loss payee on the insurance policy.

Escrow Funds for Rehab

Great Plains Funding, LLC. requires that repair costs be held in an escrow account for draws. You must contact Great Plains Funding to request an inspection to receive a rehab draw. After you have submitted the paperwork to Great Plains Funding and it has received a satisfactory report from our inspection, then and only then will Great Plains Funding send an approval to have the funds released.

The final draw of the rehab funds will not be paid out until our inspector reports that all phases of the rehab are completed.