Nicolas Hamilton says the achievements of his older brother Lewis are proof that any dream can be achieved and any record broken.
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If you are a real estate investor, then you need to know about Lending One. It is a direct real estate investing lender that has been around since 2014. They are newer, but they are quickly establishing themselves in the industry. Here is what you need to know to get a jump on deciding whether they are right for you, or not.
The company began as Crestar Funding, but changed its name in November 2016 to LendingOne. In the press release, they say that they realize the potential for this company was much larger than they originally thought.
Bill Green (CEO) and Matthew Neisser (COO) joined forces in 2014 to open a private real estate lending company. The mission? To use technology to streamline and speed up the process of borrowing for real estate investment.
With Green’s skill and expertise in creating world class organizations and Neisser’s background in technology and finance, it did just that. As a result, we have the Lending One of today.. It provides a faster and easier way to apply for and receive approval for loans. Furthermore, it allows borrowers to more easily grow their real estate portfolios.
They make loans to citizens of the United States, Canadian citizens, and permanent resident aliens.
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There are a range of options when it comes to loans with Lending One. They include:
For example, if your real estate game is to purchase homes to rehab and then sell for profit, then fix-and-flip loans are for you. Amazingly, rate quotes are available online in as little as 2 minutes.
They will loan up to 80% of the cost of the project, or LTC (Loan to Cost.) The minimum loan amount is $75,000. They do not list a maximum. Also, there is no interest charged on unused funds, and there is no penalty for early repayments. The minimum FICO required for a Fix-and-Flip loan is not noted on the website. They state only:
“We are much more flexible in the FICO score we accept and are happy to work with each client’s individual situations.”
Additionally, you will need to have the following documents on hand.
Remember to send copies. Never send originals.
Now, if your business is more “fix it up and rent it out” based, you will be more interested in the rental loans. With these, there are two options. The first, RentalOne, and then the Apartment Bridge loans.
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This option is available on either a 5 or 7-year ARM (adjustable rate mortgage.) Or, if you would rather, as a 30-year fixed loan. Loan amounts go up to $2 million.
The FICO requirement for the RentalOne loan is flexible, same as with the Fix and Flip loans. However, these requirements change without warning. The truth is, you really do not know until you try. You do not have to turn over income verification, not even a W-2. Instead, they consider the cash flow of the property itself in the decision-making process. It appears, however, that there is a prepayment penalty on this one.
These are available for buildings with 5 to 200 rental units. There is no interest on funds that are not drawn, and the terms range from 12 to 36 months. The loan amount is up to $15 million.
There is a minimum FICO requirement of 650, but closing is super-fast, sometimes in as little as 20 business days.
New Construction Loans
Another product they offer is new construction loans. Amounts range up to $5 million. These loans are available in terms ranging from 12 to 24 months with fast approval. Eligible properties include single family, townhomes, condos, and multi-family buildings.
If you want to rehab a home to rent for profit, you can do that as well. Here is how it works. First, you apply for a Fix-and-Flip loan. Then, when the rehab is complete, they will roll it into a 30-year fixed rental loan. As a bonus, since you are already a customer with the Fix-and-Flip, you will get a discount on the fees toward your rental loan.
There is an easy, fast pre-approval process, and it’s free. You can have your terms and rates in writing before you ever submit an offer. Honestly, the proof of funds provided with pre-approval makes submitting an offer easier than ever. Pre-approvals are available for amounts up to $5,000,000.
The company also offers a partner program. It’s a community of investors, realtors, real estate attorneys, and third parties. Potential partners have the opportunity through the program to earn compensation in exchange for client referrals. Interest parties are invited and encouraged to participate.
The following options exist:
Partner consultants contact potential partners within 24 hours of application to the program.
They have a contract with FCI Lender Services. This company services and accepts payment for loans. Borrowers get a welcome package with directions directly from FCI about 2 to 3 weeks after the loan closes. Payments are made via ACH, and are due on the first of the month.
It never hurts to seek out what type of online reputation a company has. Online reviews are huge these days. For this company we found the following.
As it turns out, not only do they have an A+ rating with the Better Business Bureau, but they are actually accredited since February 2017.
In that whole time, there has only been one complaint. The company addressed it and it was solved. There are only 3 reviews, and unfortunately the most recent one is negative. However, it is from someone who was in the middle of the loan process and the process was put on hold due to the COVID-19 pandemic. This is an extreme circumstance, of course.
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They use proprietary technology that allows them to streamline the underwriting process. As a result, application processing is much faster. Along with pre-approval and good reviews from previous customers, they sound like superstars. Yet, nothing’s perfect, right?
The main drawback is, they are a young company. Of course, that will not always be the case. One can only hope they will continue the positive path they are on and continue to work to get rid of any bugs.
Another negative is that you would not be able to get enough money for larger projects due to the maximum loan amounts offered. With a max of $2 million for rehab and $5 million for new construction, commercial jobs are pretty much out the window. Lending One would not be an option for those looking to do commercial flips or flips on more expensive homes in higher income areas.
If you happen to be newer to the world of real estate investing, you may want to consider these tips before you go much further.
Many real estate investment lenders will not lend to individuals. Form a legal business so that you have the best options available when it comes to funding. This is just one of many lenders that will only lend to companies. An S-corp, LLC, or corporation will work.
In real estate, there is even more importance placed on doing honest business. If you cut corners when working on a rehab, or if you are a bad landlord, word will get out. This will not only cause problems when you try to sell or rent in the future, but it can detour future funding efforts as well.
This is especially true in relation to flipping homes. A fabulous home in a terrible location is probably not going to yield a significant enough profit.
Pay attention to what is selling and where. Take note of trends in what people are willing to pay for, as well as what they are not. This will help you figure out how to best use your funds.
This lender is more flexible than many lenders when it comes to credit. However, they make it very clear credit history still counts. Consider these tips to raise your credit score if you need to.
Of course, none of this really matters if you are not making your payments on time. Make sure you are doing that regardless. Nothing helps a credit score like consistent, on time payments.
In the end, Lending One isn’t a bad option. It does have higher interest rates and lower maximum loan amounts than some. However, they are also more lenient with their credit score requirements. That means if you are not able to get the funding you need somewhere else, they could be just what you need. They have a good reputation and offer a variety of loan options.
As with any decision on a lender, do you own research. Things change frequently, and the COVID-19 pandemic changed a lot of things. You’ll want to double check details such as loan amounts and interest rates. It seems though, despite being a young company, Lending One is doing pretty well, not only for themselves, but for their customers as well.
If you want financing for commercial flips, CreditSuite might be a better option. Financing ranges up to 20,000,000 which is much more suited to that type of project.
Loan-to-values range from 55-65%. Which one you can get depends on the purpose of the loan. Funding programs are available that include conventional property financing, money for investment properties and hard money loans, bridge loans, and loans for the purchase of commercial real estate. SBA loans are also an option. For renovation, you can get a loan-to-value of up to 60%. They have many other loan programs as well, including some for residential flips.
In the end, you just need to find which option will work best for you. Lending One is definitely one to consider. I’d even give them four out of five stars. But don’t stop there. Be sure to explore all your options.
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As a veteran, your country owes you a debt of gratitude. Unfortunately, it can be difficult to reacclimate to normal life after the trauma of service. Starting a business can be a great way to get back on your feet, and there are a ton of resources that can help. These resources, coupled with opportunities opened by strong business credit, mean veterans have more support than ever before to help start and run their own businesses successfully. F
Surprisingly, according the SBA findings released a couple of years ago, 2.52 million U.S. businesses are Veteran-owned. That is 9.1%. To put it in perspective, almost 10% of the U.S. economy is made up of veteran owned businesses. It seems, not only do veterans deserve our support for fighting for our country, but for helping to keep the economy running as well!
What frustrates you the most about funding your business? Check out how our free guide can help.
In addition, the same report shows veteran-owned businesses, have 5.03 million people working for them. What’s more, that’s an annual payroll of $195 billion. What does this mean? Surprisingly, it means that if veterans aren’t given a way to fund new business ventures, a significant section of the U.S. economy will be hurting.
Thankfully, there are loans, grants, and other resources available for veteran business owners. Consequently, you have to know where to find them. Fortunately, we can help with that. While we can’t list them all, this should get you started.
First, the list of available business loans for veterans could go on forever. We selected a few of the most popular to help you get your research started.
This is an SBA loan that helps both veteran and current military reservists that own a business that suffered when they were called to active duty. As a result, if you own a small business that is having financial issues due to active military service on your part, you likely qualify. The MREIDL, (Military Reservist Economic Injury Disaster Loan) Program will offer 4% interest loans to help the business stay afloat.
Remember, it is available to business owners that are also veterans for only up to one year after release from active duty. Terms are available for up to 30 years. Remember, there is a collateral requirement for loans over $50,000. Also, by law the SBA has to make a determination that the business will not recover without help from the government.
Another great option, the Veterans Business Fund, is a newer resource for veterans. Those are looking to fund a new business or an expansion, and those that want to purchase an existing business or franchise, may find help with this fund.
It’s funded by donors, and seeks to provide veteran business loans with manageable terms. Per their website, these loans are for veterans, and are non-interest bearing to the extent permitted by law.
You cannot finance a business through VBF alone however. The program offers loans only in conjunction with personal equity and the funding of an outside banking institution.
StreetShares is veteran owned and run. They have a passion for funding veteran business loans, though they help those who are not veterans as well. Operating as an online auction marketplace, they connect entrepreneurs directly to investors with an interest in small businesses.
They also provide other information and resources for veterans online. They claim to offer funding approvals in just a few hours. Find out more about StreetShares in this review.
Along with several other companies, including UPS, 7-Eleven is offering benefits to veteran franchisees. Eligible business owners can receive up to 20% off the franchise fee. In addition, they may receive up to 65% financing through 7-Eleven, along with other special benefits.
What frustrates you the most about funding your business? Check out how our free guide can help.
In the past, the SBA’s Patriot Express Loan program was top notch for veterans. Unfortunately, that program has ended. However, veterans can still apply for the regular Express Loan program. SBA Express loans are available up to $350,000, and decisions are made in up to 35 hours. This is a far cry from the 5 to 10 days SBA loans regularly take for decisions.
One benefit for veterans is that loans through this program, for those who have served, will have their guarantee fees waived. This is part of the SBA VA Program.
This is an angel group that specializes in startups run by U.S. military academy graduates. West Point, Annapolis, the Air Force, and the Coast Guard are all involved. Find out more here.
Although the following lenders do not focus specifically on veterans, they offer small business loans that can supplement what is obtained from veteran resources.
LendingClub works by giving investors a fixed income alternative by investing in personal loans, while offering borrowers loans with investors’ funds.
It’s a simple process. Just enter how much you want to borrower. Next, choose the type of loan you are looking for. Then, enter some very basic information. You’ll get two different offers at least. One will have a lower payment but a higher interest rate. The other will be vice versa.
Loans range in amounts from $1,000 to $40,000 with an origination fee of 1% to 6%. This fee comes off the top before funds go into the borrower’s account. That means if you have a $1,000 loan with a 1% origination fee, you will only receive $990 in your account. You still have to pay back the full loan amount of $1,000 of course.
Interest rates range from 6.16% to 35.89%. Repayment terms are typically monthly, spanning over 3 to 5 years. After approval, it can take up to a week to receive loan funds.
The minimum credit score for a loan is 600. In addition, you must have a credit history that goes back at least 3 years. If you do not have the personal credit needed, they may take strong business credit into consideration.
The great thing about Fundation is that they will report payments to the business credit reporting agencies. In return, this helps you build strong business credit. They offer a streamlined, automated process. Originally, they only had invoice financing. However, now they offer a line of credit service as well. Repayments are automatic, meaning they draft them electronically. This happens on a weekly basis. One thing to remember is that you could have a repayment as high as 5 to 7% of the amount you have drawn currently, since the repayment period is comparatively short.
Loans range from $100 to $100,000. The max initial draw is $50,000 however. They do have some products that go up to $500,000. There is no minimum credit score requirement, but they do require at least 3 months in business, $50,000 or more in annual revenue, and a business checking account with a minimum balance of $500.
As I said, they report to Dun & Bradstreet, Equifax SBFE, PayNet, and Experian, which makes them a great option if you want to build strong business credit.
Funding circle is one of your best options if you are looking for a low APR. They offer fixed rate term loans. The credit score requirement is 620 or above. Still, they make take a strong business credit score into consideration if you do not quite meet that. They do not have a minimum revenue requirement, but they do require at least 2 years in business. Find out more in our Funding Circle review.
In addition to loans, there are many grant opportunities for veteran business owners. They are not all right for every veteran, but if you are eligible, they can be great supplemental funding.
This is a grant opportunity for those that have been awarded a franchise through the IFA VetFran program. Go here to find out more.
This is a grant that helps veterans get started in the farming industry.
The StreetShares Foundation offers this award to 3 veteran business owners each year.
There are three prizes as follows:
To apply, a business must meet the following requirements:
In the end, the foundation will choose 5 to 10 finalists. They base their decision on the social impact of the business idea. Additionally, they consider how the business will use award funds, and the social impact of that use. The fit of the product market, the history of the team, and the history of the company also play into the decision.
Lastly, once the finalists are set, they post a list on the website and the public votes on which businesses will receive prizes!
Thankfully, there are many resources available to veteran business owners that provide support not related to business funding.
This is the government department set up to help ensure veteran business owners get their fair share of the pie. That includes government contracts. Find out more at: https://www.va.gov/osdbu/programs/index.asp
Veterans Business Services, or VBS, offers the following:
VBS offers all of this and more. Go here for more about these and other ways they can help service-disabled veterans.
The VetBiz program helps veterans “transition military skills into small business success” per their website. Similar to other programs, they offer training, coaching, and consulting. Also, they partner with the Small Business Administration for the Boots to Business program. More information can be found here.
Honestly, there are many programs at Syracuse University for veterans and their families. Read about all of them here. However, one of the newest programs is an outstanding opportunity for veterans that want to start their own business. It’s called EBV Accelerate, and it consists of 3-phases.
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Self-stated, the goal of the program is to give veterans business tools and coaching to rocket their business to sustainable growth. To qualify, you must be a veteran business owner that has been in business for 3 years or more. Of course, the veteran must have at least 50% ownership.
In addition, there must be active duty with honorable discharge or general discharge under honorable conditions. Also, 5 people have to be full time employees. It’s short, lasting a little over two weeks. The first phase, Phase 1, is 2 weeks of online work. Next, Phase 2, is a 3-day residency course. Phase 3 consists of resources to support business growth.
For more help, here are a few more resources that can help veteran business owners in a number of ways.
Truthfully, strong business credit can help any business owner, including veterans, get the funding they need. Consequently, if you don’t have business credit, now is the time to start building it. In reality, even though it is easiest to start at the beginning, you can start at any time. Find out more about how to start and build strong business credit here.
There are resources available to help veteran business owners, but you have to know where to look. Most of them will not work singularly, but rather they will work together to help ensure the business has the funding and other support necessary to be successful.
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