Frequently Asked Questions

Why would I use hard money, it is expensive?

Many people use hard money loans in order to close quickly so they do not lose out on a potentially lucrative investment. When looking at purchasing a property you may be competing with cash offers. Hard money is viewed by sellers and agents as very similar to a cash offer. Hard money loans allow real estate investors to leverage their cash on hand and maximize net profits. It can also be used to pull funds out of an equity rich property for a different investment. When a construction project stalls due to financing issues, hard money can be a great solution to get it completed and on market.

does my credit score matter?

Our lending is collateral based, so we can close a loan for you even if you have very low or a non-existent personal credit score. A high credit score can effect the interest rate slightly, but we put more weight in working with repeat borrowers on successful projects.

why do i need title insurance?

When you purchase a property the owner’s title insurance policy protects your investment. The title company is insuring the property title is what shows on the policy. As a lender, we will always require a lender title insurance policy. That allows us to know what liens are on the property and which ones need to be taken off. It also insures that you or your entity are vested in the property and the property has important characteristics, such as legal access.

how fast can you fund my loan?

We can fund your loan the day after receiving the preliminary title report. Most loans typically close within a week, but faster fundings are available when needed.

why do you charge an inspection fee?

We put our eyes on every property we lend on. Even if it is land, we will drive by for a property inspection. Where there is a structure, interior inspections are typically required. Interior inspections of structures can be waived under certain circumstances, including when it is a tear down and all the value is in the land.

can i use my primary residence as additional collateral?

We are not able to use your primary residence as any type of collateral for our loans. Hard money loans are for investment purposes only and typically do not make sense for a borrower to have for more than 24 months.

do you require an appraisal?

We do not require appraisals. We do all of our underwriting, including valuations, in-house.

can you make non-recourse loans?

We can make non-recourse loans, but will require a lower loan to value than we do for our recourse loans.

are there any property types you do not lend on?

We do not lend on personal property. An example of this is mobile home parks that do not include the real property under the homes. While mobile home parks are investments, we are only set up to use real estate as collateral for our loans.

do you offer loan modifications for balloon date extensions or additional advances under YOUR loaNS?

Loan modifications are offered on a case-by-case basis. They change the terms of the loan, which could be extending a balloon date or funding an additional advance. If you think you may need a future loan modification before we fund your loan, it is best to bring it up at that time.

Is private money the same thing as hard money?

Private money lending is the same thing as hard money lending. They both refer to the non-institutional source of lending funds.

why should i call salent?

When you call Salent, you will get straight forward answers. Even if we cannot help you with your particular situation, we can typically point you in the direction of a company or bank who may be able to.