Note: We do not finance owner-occupied homes.
Private Money Loans for real estate investors & professionals.
A fast & courteous service to fund your next real estate transaction
What is a Private-Money Loan?
A “Private-Money Loan” is a loan that emphasizes the value of the real estate instead of the ‘credit worthiness’ of the borrower. The collateral itself is ‘usually’ more important than the qualifications of the borrower, though both are considered. Private Money borrowers are individual professionals or businesses that have opportunities in real estate that doesn’t fit well into the normal institutional lending rules. The acquisition of distressed properties requires speed or flexibility unavailable through more conventional means.
What Great Plains Funding (GPF) Can Do For You:
GPF has the speed and flexibility you require, plus our process is easy; so you don’t need to run all over town, being turned down and losing the property you wanted. In this market, rehabs seem to go fast and you have to move quickly to lock one in.
We do short-term loans (up to six months) to purchase properties and rehab them. Sorry, we don’t finance owner-occupied properties. We are placed in ‘first position’ on the mortgage or deed, as it serves as the collateral for the loan.
Landlords, you can be approved to apply for private money from us. We will loan on properties up to quad-plexes.
GPF normally doesn’t pull credit, because we evaluate your ability to rehab the property more than what your credit says about you. Lets face it, we have all had a hit a time or two. If you have the ability to renovate a property but can’t get the money to do it, its time to talk with us.
1. You need to lay out a plan of attack on what you want to achieve and how you will get there.
2. You need to locate and secure a property, you want to rehab. Once you have found one, you need to contact us so we can get involved with you and supply a ‘pre-approval letter’ to provide the seller and show that you are serious about buying this property.
First, you need to fill out the following forms:
These are form-fillable so you complete them on your computer, print them, sign them and send them off. When they are completed, you can fax them to Stan @ 785-273-1442. We prefer that you scan them and email them back to, [email protected]. But we understand that not everyone is tech savvy, these days.
When you have completed these forms, you will also need to send a check or pay online with PayPal, for the up-front fees which are for the analysis fee ($500) and appraisal fee ($450) to Great Plains Funding. This shows us that you are serious about purchasing a property. And, you only have to supply these funds once, till you close a deal with a buyer.
Once all this is complete, we’re ready… Tell us what you want to offer the owner for the property and we’ll send you the pre-approval letter, so you can lock the house up. (Note: If you require a letter after normal hours, please call Stan 785-272-4800. Remember, without a pre-approval letter, the owner might not take you seriously enough and sell the property right out from under you, causing you to start the process of looking for a house all over again!
You might want to have a backup house in case the first one falls thru. Keep looking for another property to rehab and keep us in the loop, so we can be ready to pull the trigger on another letter of intent, if the first deal doesn’t work out with the owner.
At this point, we will need access to the property to do our analysis, so plan ahead for our inspection of the house.
Now you will need to complete the last two forms which are:
Now it’s just a matter of time on waiting to close on the property and get you funded. Normally this takes approximately 10-14 days to complete, after appraisal. And while you’re waiting on the closing, you can be planning how you’re going to complete your project. Once you own the property, you need to be ready to begin the construction phase, per your submitted repair detail.
That’s about it for now, happy hunting and if you have any questions, let us know, thanks.
Every investment is unique and our loans are structured to meet the investor’s needs.
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