Frequently Asked Questions about Lima One – Industry-Leading Hard Money Lenders

Below are our most Frequently Asked Questions. If you have a question or would like to learn more about Lima One Capital feel free to contact us and we’d be happy to speak with you.

Do you lend on owner-occupied houses?

No. We only provide financing for investment properties. This means that the borrower cannot live on the property at any time during the course of the loan.

Do you provide proof of fund letters?

Yes, you can get pre-approved for our hard money loans and rental financing on our website. It takes 24 hours or less for FixNFlip and Rental30 loans.

Do you lend to foreign investors?

We do lend to foreign investors with our FixNFlip and Multifamily programs. We do not lend to foreign investors with our Rental30 or Fix2Rent programs.

How does my credit score affect the approval of my application?

For our FixNFlip program, if you don’t have a credit score of 660 or above, then you will have to partner with someone and they will have to be included on the HUD and Note, or you will have to demonstrate successful FixNFlip experience (with which we accept 620 credit scores).

For the Rental30 and Rental30 Premier programs, all individuals on the loan must have a minimum credit score of 660.

For Fix2Rent,the minimum credit score is 660 at both the time of closing and the time of modification to a 30-year loan..

Can I pay down my loan principal?

For our FixNFlip program, you can pay down your loan at your discretion at no additional cost.

For our Rental30 program, a prepayment penalty applies to the first few years of the loan. You can choose from several options for prepayment period length.

For our Fix2Rent program, a prepayment fee applies if you do not convert your loan to a 30-year loan. After conversion, Rental30 prepayment penalties apply.

Is an appraisal always required to fund a loan?

An appraisal is required for all FixNFlip, Rental30, and Multifamily loans. Although the appraisal is an expense for the potential borrower, it protects him or her from making a mistake and owning a new mortgage on a property that is already underwater due to too many foreclosures in the area. Appraisals are the last step in the application and underwriting process. They are conducted only after the borrower is approved and the estimate of cost has been accepted by the borrower. Lima One Capital makes no money off of the appraisals and the potential borrower pays our approved appraisers directly.

How are construction draws handled?

Our borrowers request a draw. Within 48 hours, one of our licensed contractors inspects the work completed. Within 24 hours after the inspection report is received, the funds are released. There is a $200 charge for each draw that is deducted from the draw amount.

Can I cross-collateralize properties to lower my down payment at closing?

Yes, if you own a property, Lima One Capital will often use that property as collateral instead of requiring a down payment for your project.

When will you loan in our area?

Soon! Please, let us know which area(s) you would like to see our hard money loan programs in!

Do you lend on commercial properties?

We lend on residential and multifamily (5+ unit residential) investment properties. We currently do not lend on commercial properties.

Ready to Apply?

Our online application process is simple and easy to complete. You’ll be guided through the process step-by-step, and document tracking is a breeze.

Lima One Capital, LLC. NMLS ID # 1324403, 201 E. McBee Ave. Suite 300. Greenville, SC 29601. Lima One Capital, LLC is not currently licensed in AK, ND, NV, SD, or VT. Lima One Capital, LLC is licensed or exempt from licensing in all other states. Minnesota: This is not an offer to enter into an agreement. Any such offer may only be made in accordance with the requirements of Minn. Stat. §47.206(3). Lima One Capital, LLC is licensed in Arizona as a Mortgage Banker (License No. 0949706). Lima One Capital, LLC is licensed as a California Finance Lender under Department of Business Oversight (License No. 60DBO-45834). Lima One Capital, LLC is licensed in Florida as a Mortgage Lender (License No. MLD1555) and Mortgage Servicer (License No. MLD1662). Lima One Capital, LLC is licensed in Oregon as a Mortgage Lender (License No. ML-5397). Annual percentage rate may be increased after fixed-rate period expires. Loans are subject to additional underwriting criteria.