MoFin currently lends in Alabama, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin and Wyoming. Please reach out to us at info@mofinloans.com if you have any questions.
Yes, we use our own capital to lend, and we underwrite our loans internally. At our discretion, like most of our competitors, we may sell your loan in the secondary market to institutional partners. This has little to no impact to you. You always deal with MoFin (sorry!).
We offer loans against non-owner occupied investment properties. We offer short-term (12-24 month) bridge loans for fix and flips or rehab to hold deals, and 12-36 month bridge loans for commercial properties (light industrial, warehouses, and offices). We also provide long-term funding (30-year term), for residential rental properties of 1-4 units (we may consider 5-9 units on a case by case basis).
Yes, we can do a rate/term or cash-out refinance on a 12-24 month or 30 year term.
Yes, all loans require a personal guaranty from any member owning at least 25% of the borrowing entity, with a minimum of 51% of the owners providing a guaranty. For 30-year loans, all owners of the borrowing entity must provide a personal guaranty. Please reach out to us at info@mofinloans.com if you have any questions.
We lend against residential 1-4 units, townhomes, condos, 5+ unit multifamily, mixed-use and commercial real estate. For commercial real estate we lend against multifamily, office, light industrial and warehouses.
This depends on the loan type you’re requesting and your loan scenario. For bridge loans it can range between 15% – 25% and for rental loans the range is 20% – 30%. Please visit the loan product specific page for more info, but it’s best to contact a MoFin team member to go over your particular loan request: info@mofinloans.com or 866-900-6634.
We look for a 680+ for all loan programs bridge loans. If your score is below that, we may still be able to lend to you with compensating or mitigating factors present, like experience, a higher down-payment, liquidity, etc.
For bridge loans it’s 1-3 weeks and for rental loans it’s 30 days or less. Contact us if you need to close by a certain date and we’ll let you know if’ it’s possible on our end.
For most deals, yes. In some circumstances we may be able to use a broker’s price opinion (BPO) or similar valuation product.
To begin the underwriting process, after your deal has been pre-qualified, we charge a $299 application fee. At closing we charge our origination fee, which ranges from 2%-3% of the loan balance, and a due diligence fee of $995 for rental loans, $495 for bridge loans, and $950 for ground-up construction loans. We do not charge any processing or junk fees. We’re fully transparent about all our fees and provide them on the Term Sheet from day zero!
No, we currently do not have such a feature or term on any loan type.
No, we do not.
Yes, after you submit your loan request to us, if the deal works we can send you a proof of funds or pre-qualification letter. To issue a pre-qualification, we will need to run your credit.
You can submit your loan request through our website, by email, or on the phone. If the terms we quote work for you, we’ll put together a Term Sheet that lays out everything for you. Once you have signed the term sheet and paid the application fee, we will begin the underwriting process.
We don’t require much, but some things you can expect to have to provide are: a loan application (can be filled out online), your entity’s documents, a copy of your ID, most recent two months’ bank statements, proof of insurance (we’ll provide you guidance on what we require for insurance), a property experience form (provided by us), and your scope of work or rehab budget (if it’s a deal where you’re renovating).
We do not have any personal income requirements. Your employment status, income, and personal debt-to-income ratio do not play a role in our loans.
On bridge loans we may offer an extension if the loan is in good standing.
We only make business-purpose loans, and thus do not report to the credit agencies.
Yes, we lend to entities, including LLCs and corporations.
This will depend on your loan type and loan request. Generally, we do not have a prepayment penalty on 12-month bridge or fix & flip loans. Our 30-year loans have a 3-year prepayment penalty, which can be shortened or extended in exchange for an increase or decrease in the interest rate.
We do not allow for secondary financing on our loans.
This varies based on the loan program; for bridge loans it’s 3 months and for 30-year loans it’s 6-12 months. It’s best to contact us for more info on recent purchases that you are looking to refinance.
No, presently we do not accept broker submissions. We are 100% retail/direct-to-borrowers.
Presently, we do not work with brokers.
We currently only sell loans to institutional investors. If you are an institution interested in purchasing loans, please email us at invest@mofinloans.com.
Yes, all of our loans are secured by a first lien on the subject property.
Yes. Our website uses TLS 1.2 with encryption and authentication using AES_128_GCM and ECDHE_RSA verified with a DigiCert SHA2 Extended Validation Server CA certificate. We do not sell or share your information with any third party companies for the purpose of marketing their products or services to you.
Please submit your inquiry through our Contact Us page or email us at info@mofinloans.com.
Our offices are in New York and Delray Beach, FL, but we lend all across the country.
