You’ve Got Questions?
We’ve Got Answers.
Explore our FAQ for quick insights.
Hard Money Lending:
Frequently Asked Questions
Asset-based lending is a financing solution that allows you to leverage your valuable assets, such as real estate or non-liquid investments, to secure a loan or line of credit. This approach offers a level of flexibility that surpasses traditional financing options, which primarily rely on income and cash flow. Should the loan go unpaid, we will assume ownership of the assets.
No. As an asset-based lender, our underwriting process relies on the value of your collateral rather than your creditworthiness.
Aside from being “something we never impose,” a prepayment penalty is a fee that certain lenders enforce when you fully or partially pay off your mortgage before the agreed-upon term. It’s important to note that not all mortgages come with a prepayment penalty, but these details are often hidden in the fine print when you close on your home or property.
No. With The Cash Source, you’ll never have to worry about breakage fees or prepayment penalties. There are no extra expenses involved in paying off your loan ahead of schedule. You will only be responsible for the interest accrued during the period the loan remained outstanding.
All payments will be automatically withdrawn from the account you provide on the specific date you choose each month.
We’re one of the few lending companies that gives you the freedom to select your preferred monthly payment date. Would it be more convenient for you to make payments on the 1st or the 30th? You can opt for whichever day suits you best each month.
We provide loans of $250,000 to $2 million with a minimum 11% APR. We highly appreciate your business, and upon the completion of three loans with us, you become eligible for a discounted rate.
Typically, we’ll apply a minimum loan origination fee of 1.75% to cover the expenses associated with loan documentation and underwriting. Also, Title Insurance Charges and Title Fees are often incurred, which are the Borrower’s responsibility to cover.
The Promissory Note serves as the Loan Agreement, outlining the specific interest rate and repayment terms.
A Deed of Trust is a legally binding agreement that transfers the property’s legal title to a Trustee. The Trustee holds the legal title until the Promissory Note is completely paid off. Throughout the repayment period, the borrower retains the equitable title to the property and assumes full responsibility for the premises.
You will need to provide a Certificate of Insurance that demonstrates your property is adequately insured. You also need to include The Cash Source LLC as an Additional Insured on the policy.
Why ask the bank for a short-term loan that may or may not be delivered in time, when you can ask us for quick funding in five days or fewer? Complete a short form to see if you qualify — no credit check required.