FAQ

Hard money loans are a type of asset-based financing used to purchase or short-term refinance investment property, that may not meet conventional underwriting criteria, or is closing on a faster time table. These loans are more property based, than borrower based. At FastTrack Funding®, we prioritize building strong relationships with investors to enable them to scale their REI business.

FastTrack Funding® is a direct lender, using our own capital, and specializing in multiple transaction types. By handling our own underwriting and funding loans directly, we eliminate the need to “run up the flagpole” which has been known to complicate underwriting and extend closing timelines.

Hard money lenders enable you to close your deals on much faster timelines, as compared to traditional banks. The underwriting is heavily based on the deal itself, rather than the borrower, and involves drastically less documentation. While credit and overall borrower credibility is a factor, we commonly find ways to lend to individuals with struggling credit, as long as there is a good deal on the table.

We cater to all types of investors—from newcomers to seasoned professionals—whether you’re acquiring rental properties, flipping homes, or building new construction. Our solutions are ideal for anyone seeking to leverage speedy financing, and minimize their upfront investment. We also cater to wholesalers, performing “double closings,” who are in need of quick, 100%, same-day financing.

Initially we will send a term sheet that outlines the terms and cost of the funding. Once approved, we will send everything to the title company or closing attorney so the property’s title search can be pulled. Once we are giving the all clear, we can close as soon as 48 hours. At closing, you will sign a promissory note, mortgage, along with a few other documents securing the collateral. We require a first position in order to fund.

We do not charge a prepayment penalty for double closings or short term flips, commonly referred to as “wholetails.” Our longer term rehab loans or new construction loans do come with a 90 day minimum interest earned agreement.

We normally do not inspect properties before the initial closing. This allows for a much faster closing process. We do require pictures of the interior & exterior to get an idea of the current condition. If you are closing a loan with us that involves rehab draw funds, an inspection is required at each funding interval to ensure work has been completed to standard.

Yes, all properties must have title, hazard, and flood insurance coverage, with FastTrack Funding listed as loss payee.