Frequently Asked Questions

Applying for a loan with eFunders is a simple process:

1. Complete our online application form, which takes about 10 minutes
2. Submit any required documentation through our secure portal
3. Receive an initial decision within 24-48 hours
4. Work with your dedicated loan specialist to finalize the terms
5. Close the loan and receive your funding

You can start the application process by clicking the "Apply Now" button at the top of this page.

The required documentation varies depending on the loan type, but generally includes:

• Photo ID (driver's license, passport, etc.)
• Proof of income or cash reserves
• Property information (for real estate loans)
• Business documentation (for business loans)
• Asset documentation (for personal asset loans)
• Purchase contracts or estimates (if applicable)

Your loan specialist will provide a specific checklist based on your situation.

For most loan types, we provide an initial decision within 24-48 hours of receiving your completed application and required documentation. More complex loans may take slightly longer.

After initial approval, the time to closing typically ranges from 7-14 days, depending on the loan type, complexity, and how quickly third parties (such as appraisers and title companies) complete their work.

There is no fee to submit an application. However, once approved, there may be costs for third-party services such as appraisals, title searches, and other closing costs. These fees vary based on the loan type and property location.

All fees are transparently disclosed before you commit to the loan, and most can be rolled into the loan amount.

Unlike traditional lenders, we don't have strict minimum credit score requirements. While we do consider credit history as part of our evaluation, we place more emphasis on:

• The value and condition of the collateral property or asset
• Your equity position or down payment
• Exit strategy (how you plan to repay the loan)
• Cash reserves or income sources
• Experience with similar projects (for real estate investments)

We've approved borrowers with credit scores ranging from the mid-500s to 800+, depending on their overall profile and the strength of the collateral.

Our income verification requirements vary by loan type:

• Fix & Flip / Bridge Loans: We typically don't require traditional income documentation, focusing instead on the property value and your exit strategy.
• Rental Property Loans: These are primarily based on the property's cash flow, not your personal income.
• Business Loans: We'll review business financials rather than personal income.
• Personal Asset Loans: These are secured by the asset value, not your income.

While we may not require traditional W-2s or tax returns, we do want to understand your financial situation to ensure the loan is appropriate for your circumstances.

Yes, we regularly work with borrowers who have had past financial challenges, including foreclosures, bankruptcies, and other credit issues.

We're more interested in your current financial situation and the merits of the specific transaction than your past credit history. We'll want to understand what led to the previous difficulties and how your situation has changed since then.

In many cases, we can offer solutions when traditional banks cannot because we evaluate each application on its own merits rather than applying rigid criteria.

Yes, we do work with first-time investors, especially those who have done their homework and have a solid plan.

For first-time real estate investors, we may:

• Look more closely at your professional background and transferable skills
• Require a slightly larger down payment or equity position
• Recommend partnering with an experienced contractor
• Provide additional guidance throughout the process

We believe in fostering new investors and are willing to provide the support needed for your first project to succeed.

Our interest rates vary based on several factors including loan type, loan amount, loan-to-value ratio, property type, borrower experience, and overall risk profile. Current rate ranges are:

• Fix & Flip Loans: 8.99% - 12.99%
• Rental Property Loans: 7.49% - 9.99%
• Bridge Loans: 8.99% - 13.99%
• Business Loans: 9.99% - 14.99%
• Personal Asset Loans: 10.99% - 15.99%

For the most accurate rate for your specific situation, we recommend completing an application for a personalized quote.

Our maximum loan-to-value ratios vary by loan type:

• Fix & Flip Loans: Up to 90% of purchase price and 100% of renovation costs (up to 75% of ARV)
• Rental Property Loans: Up to 80% LTV
• Bridge Loans: Up to 75% LTV
• Business Loans: Up to 75% of collateral value
• Personal Asset Loans: Up to 70% of asset value

Higher LTVs may be available for experienced investors with strong track records or in particularly strong markets.

Our loan terms vary by product:

• Fix & Flip Loans: 6-24 month terms, interest-only payments with balloon payment at maturity
• Rental Property Loans: 5-10 year terms with 30-year amortization
• Bridge Loans: 3-18 month terms, typically interest-only with balloon payment
• Business Loans: 12-60 month terms, fully amortizing or interest-only options
• Personal Asset Loans: 12-60 month terms, fully amortizing payments

We offer flexible payment options including monthly, bi-weekly, or weekly payments depending on the loan type.

Our prepayment penalty structure varies by loan type:

• Fix & Flip Loans: No prepayment penalty after 3 months
• Rental Property Loans: Declining prepayment penalty (5%, 4%, 3%, 2%, 1%) for the first 5 years
• Bridge Loans: Minimum interest guarantee of 3 months
• Business Loans: Typically no prepayment penalties
• Personal Asset Loans: No prepayment penalties

All prepayment terms are clearly outlined in your loan documents, and we're happy to explain the specific terms that apply to your loan.

We finance a wide range of property types, including:

• Residential: Single-family homes, 2-4 unit properties, townhouses, condos
• Multifamily: 5+ unit apartment buildings
• Commercial: Office buildings, retail centers, warehouses, mixed-use properties
• Land: Development-ready lots with approved plans
• Special Purpose: Some special purpose properties considered on a case-by-case basis

We generally do not finance owner-occupied residential properties due to regulatory restrictions.

Our fix and flip loan process is designed to get you funded quickly and efficiently:

1. Application: Submit your application with property details and purchase contract
2. Initial Approval: Receive a term sheet within 24-48 hours
3. Property Evaluation: We order an appraisal or BPO to determine value
4. Renovation Plan Review: Submit your scope of work, budget, and timeline
5. Final Approval: Upon satisfactory completion of due diligence
6. Closing: Typically 7-10 days from application
7. Renovation Draws: Submit draw requests as work is completed

The renovation funds are held in escrow and disbursed as work is completed, typically through a simple draw process with inspections to verify progress.

Yes, our fix and flip loans cover both the purchase price and renovation costs. Typically, we'll finance:

• Up to 90% of the purchase price
• Up to 100% of the renovation costs

The total loan amount is generally capped at 75% of the after-repair value (ARV) of the property.

Renovation funds are held in escrow and disbursed in draws as work is completed. This protects both you and us by ensuring that funds are available throughout the project and that work is progressing according to plan.

Our rental property loans offer several advantages over traditional financing:

• Qualification Based on Property: Loans are primarily qualified based on property cash flow, not your personal income
• No Limit on Properties: Unlike conventional loans, there's no cap on how many properties you can finance
• Flexible Underwriting: More accommodating of credit issues, self-employment, and non-traditional income
• Streamlined Documentation: Less paperwork than traditional loans
• Fast Closings: Typically close in 14-21 days
• Common Sense Approach: Focus on the investment merit rather than rigid guidelines

These loans are ideal for investors building a portfolio of rental properties who want simplified financing options.

We offer several types of business financing solutions:

• Business Expansion Loans: For growing your business, opening new locations, or major equipment purchases
• Working Capital Loans: For managing cash flow, inventory purchases, or operational expenses
• Equipment Financing: Specifically for purchasing machinery, vehicles, or other business equipment
• Inventory Financing: For manufacturers, wholesalers, and retailers needing to purchase inventory
• Bridge Financing: Short-term funding while waiting for longer-term financing or revenue

All of our business loans are secured by business assets, real estate, or other collateral.

Our business loan application process typically includes:

1. Initial Application: Basic information about your business and financing needs
2. Document Submission: Business financial statements, tax returns, bank statements, etc.
3. Business Assessment: Evaluation of your business model, revenue streams, and growth plans
4. Collateral Evaluation: Appraisal or valuation of the assets securing the loan
5. Term Sheet: Issuance of preliminary approval with proposed terms
6. Due Diligence: Verification of information and additional documentation as needed
7. Closing: Signing of loan documents and funding

The process typically takes 2-3 weeks from application to funding, though we can expedite for urgent situations.

Our business loans range from $100,000 to $5 million, depending on:

• The value of your collateral
• Your business revenue and cash flow
• Time in business
• The specific use of funds
• Industry type and risk factors

Typically, we can lend up to 75% of the value of business assets or real estate used as collateral. For established businesses with strong financials, we may offer higher loan amounts based on cash flow multiples.

Yes, we provide financing for business acquisitions. These loans typically require:

• A minimum down payment of 20-30% from the buyer
• Collateral in the form of business assets, real estate, or other valuable assets
• A comprehensive business valuation
• Detailed information about the business being acquired, including 2-3 years of financial statements
• Your business plan for the acquisition

Business acquisition financing terms typically range from 3-7 years with either fully amortizing or balloon payment structures.

We accept a variety of valuable assets as collateral for personal loans, including:

• Vehicles: Luxury cars, classic cars, RVs, boats, aircraft
• Jewelry: Fine jewelry, watches, precious stones
• Art and Collectibles: Fine art, antiques, rare collectibles
• Other Valuable Assets: Musical instruments, rare coins, etc.

The asset must have verifiable value, be in good condition, and you must have clear title to it. We typically work with professional appraisers to determine the current market value of your asset.

Personal asset loans work through the following process:

1. Application: You apply with details about the asset and your funding needs
2. Appraisal: The asset is professionally evaluated to determine its value
3. Loan Offer: We provide a loan offer for up to 70% of the asset's value
4. Collateral Agreement: You sign a security agreement granting us a lien on the asset
5. Funding: You receive your loan funds, typically within 3-5 business days
6. Repayment: You make regular payments over the loan term (typically 1-5 years)
7. Lien Release: Upon full repayment, we release our lien on the asset

Depending on the asset type, you may either retain possession of the asset during the loan term (most common) or we may hold it in secure storage (for certain high-value items).

Personal asset loans offer several advantages over traditional financing options:

• No Income Verification: Qualification is based on asset value, not your income
• Credit Flexibility: Less emphasis on credit scores and history
• Keep Your Assets: Access cash value while continuing to own and enjoy your assets (in most cases)
• Quick Funding: Typically 3-5 days from application to funding
• No Usage Restrictions: Use the funds for any legal purpose
• Privacy: These transactions don't appear on credit reports in the same way as traditional loans

These loans are ideal for individuals who are asset-rich but may not qualify for traditional bank financing for various reasons.

If you have difficulty making payments on your personal asset loan:

1. Communication: Contact us immediately to discuss your situation
2. Modification Options: We may be able to modify your payment terms temporarily
3. Extension Possibility: In some cases, we can extend the loan term to reduce payments

If repayment becomes impossible, we have the legal right to take possession of the asset and sell it to recover the loan balance. However, we always prefer to work with our clients to find alternative solutions whenever possible.

Any excess funds from the sale of the asset (after paying off the loan balance, accrued interest, and any legal/sale costs) would be returned to you.