Frequently Asked Questions
How do you determine the loan amount?
Insource Funding is an asset-based lender, and loan amounts are based on the value of the real estate that is being pledged as collateral. For 1-4 family non-owner occupied residential properties, Insource Funding will lend up to 85 % of the purchase price, up to 75% of the after repair value, up to 75% refinance and 75% cash-out.
What states do you lend in?
We are a nationwide lender with a few exceptions, please refer to the Where do we lend map
What type of documentation is required for the loan application?
Insource Funding require basic documentation to underwrite the borrower and the property. This includes an application; Authorization to run a credit report, in some cases copies of bank statements to show interest reserves, if appropriate, renovation estimates and documentation on the business entity. ( ** Credit isn't a determining factor. We use it to evaluate risk, and determine rate )
Do you have a minimum FICO score?
Fico isn't an issue, although we would like to see a minimum of 550.
Are there any upfront fees or costs?
Insource Funding does not charge any upfront fees during the pre-approval and approval process such as an application fee **(in some cases an application fee will be required) However, the borrower is responsible for third party fees such as appraisals or project feasibility studies ( construction only).
Do you have a prepayment penalty?
In most situations, no.
What can I use as collateral for my loan?
Insource Funding will consider most 1-4 family, non-owner occupied, residential real estate for loan collateral. We will also consider mixed-use properties, office buildings, apartment complexes (5 units+) and retail spaces.
Do you fund the rehab costs?
Insource Funding now offers an After Repair Value loan program for 1-4 family non-owner occupied residential properties. Insource Funding will lend up to 85% of the purchase price and up to 100% of the renovation costs, not to exceed to 75% of the after repair value. Click here to see our Fix and Flip loan program
What is Insource's maximum LTV (Loan-to-Value) based on ARV (After Repaired Value)?
Insource Funding is an ARV Lender *** . Our ARV Loan Program provides up to 85% of the purchase price with an LTV not exceeding 75% of the After Repair Value.
Can I use Insource to buy my home?
Insource Funding is a commercial hard money lender, our loans are used for business purposes rather than individual or personal interests. We do not provide hard money loans for the purchase of owner occupied residential properties. Our loans are strictly backed by non-owner occupied residential and commercial properties, and are issued to a business entity.
Residential rentals, fix and flips, commercial property, strip centers, apartment buildings.