1. How does the program work? Back to top
We loan money in metropolitan areas to people who buy houses, fix them up, and sell them. We work very hard to fund quickly so that you can demand large discounts from your sellers (many people will sell cheaper if they can get their money in a few days instead of a few months). We normally lend only on single-family residential houses. Our program is very good for people who can buy right, fix a property up quickly, and then get it re-sold. There are four easy steps to our loan: get a contract, see how much we will lend, fill out the applications, fill out the property evaluation, and close the loan.

We have one simple form for you to fill out to apply for a loan. You can either fill it out, print and fax it to us or you can fill it out and submit it online. The application covers these items. You only need to do this once!

• Credit authorization
• Borrower information
• Property Evaluation

The Credit Authorization information is used to pull credit, however, we generally just use the report to weed out those individuals who obviously never intend to pay anyone. We primarily evaluate a deal on the merits of the property.

The Borrower Application information is used to get a general idea of your experience level. We need two month's bank statements showing that you have some contingency money available if your project runs into any snags.

The Property Evaluation Information identifies the important points on your deal, how much you are paying, how much is needed in repairs, how much the house will sell for, and a list of some of the other costs. This will give you a good idea of how much profit is in the property for you. After submitting these forms, you can expect a preliminary answer within one business day and funding within seven days, if everything is ready and the title company has their work done.

2. What is the interest rate? Back to top
We have several programs. They are all interest only, annual interest rate payable monthly.

3. What Loan-to-Value are you looking for? Back to top
MEDICI FINANCIAL, INCORPORATED® has programs that loan 60%, 65%, & 70% LTV's of the after-repaired-value (ARV). See our different programs by clicking here.

4. How long is the loan for? Back to top
We write the notes for 6 months, 12 months, or 26 months (2 years and 2 months) depending on which program you use. See the different programs here.

5. What are the costs? Back to top
Costs vary depending on which program you use. Click here to see a sample of the 65% and 70% program programs.

6. Can I get repair money? Back to top
Yes. In fact we want to fund all of your repairs. We require a detailed, itemized repair list of your work plan. A draw schedule is very helpful identify the order in which you will repair the property. Then, we will pay you as the work is “completed”—we do not pay in advance for any work.

7. Does my credit matter? Back to top
Yes and no. Yes, we will pull your credit for your first deal with us. We look at credit to get a little insight into the individual borrowing the money, but generally, we rule out people who obviously never intend to pay anyone. For the most part, we look at the value of the property after it is repaired, how much you are paying for it, and how much the repairs will cost to determine how much we will lend. See Fico Score Link for more information

8. How do you decide how much to loan? Back to top
This depends on which program you use. We want to be able to fund 100% of your purchase and renovation needs as long as they don’t exceed the maximum ARV for each program. Click here to see programs.

9. Where do you loan? Back to top
We loan in cities and counties with at least 300,000 people, and, where we are licensed to do business. Exceptions to the population rule are sometimes made to those with A credit and money in the bank or borrowers with whom we have an ongoing relationship.

10. What states do you loan in?

States not listed will be considered only for clients with "A" credit and will be taken on a case by case basis.

Alabama California Florida Georgia Illinois Indiana Kansas Maryland   Minnesota Mississippi Missouri North Carolina Oklahoma Tennessee Texas Washington

The county of the subject county must have a minimum population of 300,000.  Lower populations considered on case by base basis.

11. Do I need an appraisal?
Yes, we order an independent appraisal of your deal which give us an ‘as is’ and an ‘after repaired’ value. We require interior photos and a ‘days on market analysis’. Your repair plan appears as a ‘cost to cure’ in the addendum. We do not allow drive-by appraisals.

12. Do you require inspections? Back to top
We require appraisals on properties in most cities, and, we require inspections including the interior before funding. Each draw request will require an inspection to ensure the work is completed and in a good and workmanlike manner. See our Draw Procedures for more information.

13. Do I need to put any money down, or, have any money in the bank? Back to top
In many instances no money down loans are available. You need to have about two months of payments in reserve after closing.

14. How long does it take to fund? Back to top
We can fund immediately when we have the appraisal, proof of insurance, a title policy, and a letter from the title company that they will follow our closing instructions.

After submitting the Property Evaluation Form, you can expect a preliminary answer within 1 business day and funding within 48 hours of receiving the information we need from the title company.

15. How many loans can I have open at any one time? Back to top
No limits are set.

16. How much will my payments be? Back to top
See the lending options sample for payment information. See Lending Options for more information. It is simple interest, interest only.  To figure your monthly payment simply multiply the rate by the amount you were funded (including the fees the lender rolled in) + any amount you have drawn and divide by 12. 

17. Will you finance commercial properties? Back to top
Not at these rates and terms. Please contact us with your project information and we will get the latest information on these programs to you. Commercial transactions are very different and the credit and cash requirements are much higher and not at all like our residential hard money programs.

18. Will you finance apartment buildings? Back to top
We will fund up to four units under these rates and terms, strong cash and strong credit are needed to qualify for these larger loans. Buildings with over 4 units require  very different type of loans. We have done a few apartment buildings, but don’t plan on us being your primary source of  funding for these type of transactions.

19. Do you allow interest to be deferred to the end of the loan? Back to top
Not at present.  You pay interest monthly during the loan term, but only on the amount you have been funded for the 6 month loan.  12 month loan requires escrow account of which interest will be paid on total loan amount.  There is never interest charged in advance, no prepaid interest is brought to closing.  Similar to a bank construction loan on the 6 month loan in which no interest on the repair money until you draw it referred to as a "draw down."

20. Do you require a survey? Back to top
Yes. The attorney or title company will provide that to us and to you.

21. What paperwork do I need to do? Back to top
Click here to apply. Print and fax it (online application coming soon!) We also need your last two bank statements and a copy of your driver's license and social security card if this is your first loan with us.

22. Do you do re-finances? Back to top
Yes we do. We look very closely at these deals to attempt to determine why the project was not completed under the terms of the original loan.

23. Do you loan on rural property? Back to top
No. The properties we loan on must be in a county or city with a population of at least 300,000 people. Exceptions sometimes made for those with A credit.

24. Do you loan on rental property? Back to top
We can loan on rental property, but you will need to have the property refinanced when the term ends of the program you choose to use.

25. Does MEDICI FINANCIAL, INCORPORATED® lend on properties in the flood zone? Back to top
Not if the structure itself is in the flood zone.  

26. Can I get an extension on the 6 month term loans? Back to top
If payments are current and repairs are complete we will provide an extension for two months. The cost is two points, a $225 doc fee, and an inspection fee of $150. We can collect these amounts at loan payoff.

27.  Do you have a program for new construction? Back to top
Yes, but not at these rates and terms.  Please contact us and we will provide program information on our current new construction products.