Urban Coyote Funding and Rehabbers Capital (1- 4 unit property)
We are lenders and intermediaries. We are hesitant to use “brokers” as it seems to indicate that we “shop” loans. We don’t. we have raised capital with small “family” investment shops, individuals and niche investment firms. As an intermediary we represent the lender as much as representing the borrower. We know what typically will fund and will generally not agree to work on loans that we are not highly confident of achieving funding.
We see lots of deals and loan requests. We have a stringent screening process and feel that it does the borrower only harm to accept a deal without understanding as much as possible about the real estate, the borrower.
Our process is very simple and if followed will save time and money.
We have (and require the borrower to create) a basic loan “story” (not application), but we ask questions about the real estate “deal”:
We review , make suggestions and offer an expected loan. If the borrower agrees we will send a term sheet (outlining basic terms pending full underwriting and property site visit)
For Bridge – Private Lending:
Typically appraisals are not needed as we do internal valuation and will also rely on BPO (broker price opinion)
Terms are short (6 months – 5 years), we suggest borrowers create and explain an exit strategy to payoff our short term loan.
we suggest borrowers get very organized before presenting a loan request. Have a fax machine and / or scanner. Prepare each set of documents and name them as to exact contents (dont scan and send with name (&(*%IIUHKK) its hard to find later.
Communication is key, so respond to requests via phone/email or even text if short answer needed. We are available during business hours and sometimes more and weekends if preplanned.
Just be prepared, know your deal and the story of the loan. Have a package ready and be ready to give your “elevator pitch” to the deal.