We are sure you have a few questions before determining if this is the right fit, here are our most frequently asked. For further questions please see our contact page.
Who are you?
Fulford Lending is a family owned and operated hard money lender. We make commercial and investment loans on all types of real estate. We underwrite, fund and service all of our loans. In reviewing your loan application, our primary considerations are that the loan is for a commercial, business or investment purpose and that the property securing the loan has adequate value and/or cash flow to warrant the loan amount sought. If you can satisfy these criteria then we look forward to doing business with you. To contact us, click here. Here are some of our lending guidelines:
- Lending Area: Primarily Virginia, Maryland, North Carolina and Washington DC, however we will consider other states on a case-by-case basis
- Loan Size: $50,000 to $750,000
- Loan Types: Purchase, Bridge, Refinance, Equity Cash Out, Rehab, Fix & Flip, Fix & Hold and Construction
- Property Types: Single Family, Multifamily, Office, Retail, Mixed Use and Land
- Loan-to-Value (LTV): up to 60%
- Loan Term: Up to 36 months with additional extensions available
- Loan Position: 1st or 2nd, on second deeds of trust the interest rate and origination fees will be higher
- Interest rates starting at 10% for the first year
- Origination Fees: 3.0 to 4.25 points
- Fast Closing: We can close within 10 days and have in special situations closed within 3 days
- Interest Only Payment
- No Pre-Payment Penalty
- No Credit Score Required
How long does it take for me to get my money?
We have closed and funded loans within three days of the borrower first contacting us. If there is no rush, loans typically take about two weeks to close. Most of this time is working with the title company on obtaining a title insurance commitment for the subject property.
What are your fees for a loan?
We do not charge any application fee or other upfront fee. When the loan closes we will charge points and a loan documentation fee. We usually charge 3 to 4 1/4 points while the documentation fee varies from $500-$1,500. These amounts will be placed on the HUD statement and paid from the loan proceeds. The title company that closes the loan will charge its normal fees for recording the deed of trust and providing title insurance.
Do you work with brokers?
Yes, we are always happy to work with new brokers. We have several brokers that we have been working with for many years. We have a mortgage broker agreement that ensures that brokers receive their agreed upon compensation on the current deal and any possible future deals that may result. Brokers are paid from the HUD statement by the title company upon closing.
Do you need a credit report or other documentation from me to approve the loan?
No. We do not care what your credit score is. What we care about is the amount of equity you have in the property. We usually do not even require an appraisal if the property is within driving distance of Washington DC. If the property is unusual like a mixed use property or too far away for us to take a look at then you may be responsible for paying for an appraisal. If the property is leased than a copy of the lease and proof of rent being received is helpful. We are willing to lend more on a property that is receiving a steady stream of rent payments then a vacant property.
What are your loan terms?
Our interest rates are adjustable after 12 months and are based on the Wall Street Journal Prime Rate. Currently our first year interest rate is as low as 10%. Usually our loan term is for 3 years but have ranged from 1-5. However, we can also refinance and/or extend a loan that is in good standing with us when it is coming due. We do not have a prepayment penalty.
What kinds of property do you lend on?
We lend on investment and commercial properties located in Virginia, Maryland and Washington DC. Occasionally we will lend on properties in other states. The property cannot be an owner occupied residential property without a business purpose, however we will lend on residential property that is leased or owned as an investment property (not the borrower’s home). We will also lend on mixed-use property, office suites and buildings or multi-family residential properties including apartment buildings. We typically do not lend on vacant land.