Frequently Asked Questions
Del Mar Financial & Investments is a private money lending specialist that takes the time to listen to the needs of our borrowers. We custom tailor lending solutions to fit the needs of our borrower’s unique financing situations. Listed below are commonly asked questions, but please call our office at (480) 466-7020 to speak with an expert to help guide you through our lending process.
What are the qualifications?
As a private money lender, Del Mar Financial & Investments, L.L.C. has the lending flexibility that most traditional and conventional lending sources do not. Bankruptcy, foreclosure, and short sale are not factors for automatic rejection. We do not have requirements on the source of the down payment.
How long will it take to process, close, and fund my loan?
We are able to underwrite the loan over the phone, and give you a swift answer. Typically our loans fund within 7 to 10 days of approval, and sooner in select circumstances.
What items will I need to complete the loan application?
We offer a wide array of loan programs and cater to many unique financing situations. The items that we require in order to underwrite a loan differs from one borrower to the next. Visit our Request a Loan page to submit a preliminary application, and one of our loan officers will respond with a checklist of items we need to underwrite the loan. Please, contact our office at (480) 466-7020 to speak with an expert to discuss any questions that you or your client may have.
How does Del Mar Financial & Investments, L.L.C. calculate Loan-to-Value?
We conduct our own property inspection and appraisal (excluding commercial loans). We calculate our loan to value based off of our own value assessment. This is a benefit to our borrowers for two reasons. First, our appraisal fee is typically lower than the appraisal fee of a third-party. Second, it rewards the borrower for finding a good deal. If we conclude that the value of the property is higher than what the borrower will pay for it, then it will reduce the amount of the down payment at closing.
Does it matter what the source of the down payment is?
We do not put limits on the source of the down payment. This allows for down payments to be gifted. We also offer blanket loans (cross-collateralization), which gives the borrower the option of using equity in one property to secure the purchase of another.
Will I qualify if I have a bankruptcy/ foreclosure/ short sale?
We have been able to finance borrowers with a number of situations that including bankruptcy, foreclosure, and short sales. We are an asset-based lender, meaning that we underwrite our loans based on the borrower’s equity in the subject property, and their ability to repay the loan. This simple, common sense approach means that a bankruptcy, foreclosure, or short sale will not stand in the way of you achieving your goal.
Is there a limit to the number of properties you will secure?
There are no preset limits on the number of properties we will secure. We offer blanket loans (cross-collateralization), which gives the borrower the option of purchasing new property without having to tap into their cash reserves.
Are there limits on the size of your loans?
Our minimum loan size is $50,000. Our maximum loans size is typically $3 million, however, exceptions can be made on a case by case basis.