How will my relationship with the borrower be affected?
REI Loans Originator partners maintain direct contact with their borrowers. Appraisals and credit checks are ordered by the Originator; loans are funded in the Originator's name. Our servicer will be the point of contact for your borrower post-closing and draws are requested through REI Loans, our loan administration portal.
Am I required to use any of my own capital?
No. REI Loans will fund 100% of your deals at the closing table and simultaneously purchase the loan from you.
The required documents from our borrower are as follows:
- Personal/Business Tax Returns – Prior 2 Years
- Personal/Business Bank Statements – Prior 2 Months
- Schedule of Real Estate Owned
- Signed Purchase Contract
- Construction Budget
- Proof of Property Hazard Insurance
- Operating Agreement
- Articles of Incorporation Third Party Reports:
- Tri-Merged Credit Report
- Interior Appraisal with Subject-To and As-Is Values
- Background Check
Who handles the underwriting and processing of my loans?
The Originator will collect all necessary documentation from the borrower and submit it through the REI Loans portal. Once a full package is received, REI Loans staff will underwrite the file, issue a term sheet, draft the loan documents, and work with the title company through closing.
Who services the loans?
REI Loans engages a third-party sub-servicer who is responsible for issuing statements, collecting payments, and addressing any of your borrower’s questions or concerns.
How do renovation draws work?
Once your borrower completes a portion of the project, he/she will request a draw through the REI Loans portal. A draw manager will then submit the request to an inspection company who will coordinate a site visit with your borrower. When the inspection report is received and approved, REI Loans will order the loan servicer to distribute the funds directly to the borrower.
What is the payoff process?
When the borrower is ready to pay off the loan, they will contact the servicer who will prepare a payoff statement and instruct the borrower to wire the outstanding balance directly to the servicer.Become a REI Loans Originator