Frequently Asked Questions What is Private Lending? A private money lender uses asset-based lending, meaning the decision making revolves more around the property and less about the borrower as compared to traditional bank mortgages. We are focused on whether the borrower’s project is profitable for the borrower as we want to help you be successful. What is the duration of the loan? We will work with you to determine the right timing; typically, our loans are for up to one year. What are the interest rates and fees? Our loans are asset-based and our decisions are logic-based. That means we base our decisions about funding and rates on the perceived risk associated with the property. If you have a property under contract, submit it. Our rates are competitive in the private money market but we save our best rates for our best clients. Get started today to become one of those repeat, best clients! Please see our Fix and Flip Loans or Bridge Loans pages for more information. What is the approval process and timelines? Timely, it’s one of our core values. For our repeat borrowers, we can vet the deal in a matter of days. For our new borrowers, it’ll take a little longer, less if we work together to be pre-qualified. Can I get a pre-approval letter? Yes! If your real estate investing transaction requires, or would benefit from a pre-approval letter, we can typically provide the same day it is requested. Do I need a good credit score to qualify? To show how well you pay other lenders back, we will do a credit check and are looking for a 620+ score. What are the repayment terms? Are there pre-payment penalties? Interest-only payments are due on the first of the month. You are free to repay the full loan at any time without penalties – just give us a call! Do you check the title? Are there title fees? Yes. As with a conventional loan, we will require you to pay for a title search of the property to make certain that you have proper title to the property and the lender is being put in proper first lien position. You will also have to pay for the title/escrow company to close your loan, record a mortgage or deed of trust in the land records, and issue lender’s title insurance to protect the lender’s interest in the property. How do rehab draws work? We pay in arrears. We just require video evidence of the work completed and will be able to get your funds to you within 24 hours. Can I extend the loan term if needed? Yes! Please see more info on our Loan Programs: Fix and Flip Loans or Bridge Loans for more information. Will you lend on a primary residence? No. State and Federal laws have strict disclosure requirements for consumer mortgage loans, as well as on fees and interest rates. GRIT Lending does not lend on primary residences. What areas do you serve? Primarily serving these counties in the Dallas-Fort Worth Metroplex:Collin CountyDallas CountyDenton CountyEllis CountyHood CountyHunt CountyJohnson CountyKaufman CountyParker CountyRockwall CountySomervell CountyTarrant CountyWise CountyTake a look where these counties are on a map.