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FAQ

How do I submit my loan application?

It's easy. After filling in our online loan application, just click on the "submit" button at the bottom of the page, and we've received it! If you have any questions, you can email us at info@pimlicogroup.com, or call us at (410)-855-4600.

WHAT HAPPENS AFTER I SUBMIT MY LOAN APPLICATION?

After we receive your hard money loan application, it will immediately go into processing. We will contact you via phone or email to discuss the remaining loan process and answer any questions you may have.

WHAT TYPE OF INSURANCE DO I HAVE TO CARRY?

At closing, we will require a one year, paid in advance, Builders' Risk certificate of insurance with a vacancy clause. Also, flood insurance may be required depending upon the location of the property.

Frequently Asked Questions

Will you roll third party closing costs into the loan?

No, you will need to have cash available for 3rd party closing costs (title insurance, closing fees, etc.).

Can I use seller financing in conjunction with a pimlico loan?

As a hard money lender, we will only make loans as the first lien holder on a property. In certain situations, we will allow for a second lien on the property resulting from seller financing. Many investors will utilize these funds for 3rd party closing costs (title insurance, closing fees), holding costs (insurance, taxes, utilities), property maintenance and cleaning expenses, staging expenses, cost overruns, other expected or unexpected expenses and rehab labor and material expenses (until you receive rehab draws, if you have a rehab draw account). 

What is your method of transferring money for rehab draws?

We typically disburse funds by ACH transfer or business check. Most times, we bring a check with us to the construction inspection and provide funds immediately.

Am i charged interest on the rehab funds before i draw them?

If the hard money loan includes a funds borrowed from us held in a rehab account, then such funds are part of the loan and interest is charged to the borrowers from the date of origination of the loan. This is because as soon as we originate your loan we set aside the full amount of your rehab budget in an account ready for disbursement. When the money is in the rehab account we cannot loan this money to any other borrowers. 

what is the difference between the pre-approval and the full application?

For the pre-approval application, we will perform a cursory evaluation of your financial estimates for the project (purchase/acquisition cost, rehab budget, after repair value), and your level of experience and your answers to few other questions. If we believe there is a reasonable likelihood that we would make a loan based on the information provided, we will inform you that you are pre-approved. If approved, and you request a pre-approval letter (Often pre-approval letters are submitted with offers on properties; however, some borrowers may choose to complete a pre-approval application after the property is under contract). A pre-approval is not a guarantee that the loan will be approved or made.

For the full application you provide more details regarding the project and your experience. We more carefully review the borrowers and project. We evaluate the current and after repair value of the property and closely review the expected repair/rehab costs. Prior to making a decision on a loan commitment we typically do a property walk through with one of the borrowers.

what is the difference between the pre-approval and the full application?

For the pre-approval application, we will perform a cursory evaluation of your financial estimates for the project (purchase/acquisition cost, rehab budget, after repair value), and your level of experience and your answers to few other questions. If we believe there is a reasonable likelihood that we would make a loan based on the information provided, we will inform you that you are pre-approved. If approved, and you request a pre-approval letter (Often pre-approval letters are submitted with offers on properties; however, some borrowers may choose to complete a pre-approval application after the property is under contract). A pre-approval is not a guarantee that the loan will be approved or made.

For the full application you provide more details regarding the project and your experience. We more carefully review the borrowers and project. We evaluate the current and after repair value of the property and closely review the expected repair/rehab costs. Prior to making a decision on a loan commitment we typically do a property walk through with one of the borrowers.

Why are your rates lower than the standard 4 Points and 15% Interest?
  • We only work with experienced real estate investors, which on average have lower risk to us.

  • We are working with one source for funds, so we are the final decision makers and do not need to consult with or comply with anyone else in making our lending decisions, restrictions and rules. We don’t have to promise outside investors higher rates of return.

  • We have low overhead.

  • We don’t use or charge for third party appraisals.

  • We underwrite in-house and don’t need to spend resources communicating back and forth with other parties.

Still have questions? Reach out and a member of our team will get back to you ASAP.