FAQ
You can find answers to some of our frequently asked questions below. If you need further assistance, please contact us or schedule a phone call at your convenience with an expert at Viva Capital Funding LLC.
Frequently Asked Questions
Who Is Viva Capital Funding LLC?
Viva Capital Funding LLC is a private money lender focused on servicing real estate investors by providing quick and low-cost capital on their investment properties. Viva Capital Funding LLC’s approach to lending is centered around the investor, therefore allowing the investor to focus more on their investment and less on the loan process. Viva Capital Funding LLC was founded by a group of real estate investors, whose emphasis was on acquiring and improving distressed properties. So whether or not you are an experienced real estate investor – WeLend’s team has the qualifications to exceed expectations and can assist in the expansion of your real estate portfolio.
What is a private money lender and how does a private money loan work?
We’re a private money lender that uses asset-based lending. Asset-based lending means that the decision making revolves more around the property and less about the borrower. Viva Capital Funding LLC’s focus is centered around the question of whether the borrower’s acquisition is profitable for the borrower – Viva Capital Funding LLC wants to ensure that every borrowers acquisition is successful. Many believe that an asset-based lender holds the deed to the property; Viva Capital Funding LLC records a mortgage on the property and the deed is vested in the borrower’s entity.
Why go to Viva Capital Funding LLC versus a traditional lender?
There are several reasons as to why you should fund your deals with Viva Capital Funding LLC versus. a traditional lender.
(1) Viva Capital Funding LLC funds loans as quick as 3 business days; traditional lenders take 90 days on average – sellers prefer quick closings, so take advantage of Viva Capital Funding LLCs closing time.
(2) Sellers prefer dealing with an all-cash buyer and extend preferential treatment for that reason; by choosing to fund your loan with Viva Capital Funding LLC, you can identify yourself as an all-cash buyer and take advantage of the preferential treatment.
(3) Viva Capital Funding LLC finances properties in any condition; traditional lenders do not.
(4) Viva Capital Funding LLC does not require interior appraisals; traditional lenders do.
(5) Viva Capital Funding LLC finances properties with most issues on title; traditional lenders do not.
(6) Viva Capital Funding LLC finances properties with tenants or squatters; most traditional lenders do not.
(7) Viva Capital Funding LLC does not ask for pay stubs; traditional lenders do.
(8) Viva Capital Funding LLC does not ask for bank statements; traditional lenders do.
(9) Viva Capital Funding LLC does not ask for tax returns; traditional lenders do.
(10) Viva Capital Funding LLC does not require the borrower to have a job; traditional lenders do.
Does Viva Capital Funding LLC finance the acquisition & construction, & what are the max leverages?
Viva Capital Funding LLC is ready to finance up to 90% of the purchase price and 100% of the construction cost (not to exceed 65% of After Repair Value). However, We
Lend’s leverage depend on the borrower’s experience. For example:
• No experience (0 flips): up to 70% of purchase & 100% of construction cost
• Low Experience (1 flip): up to 75% of purchase & 100% of construction cost
• Some Experience: (2-3 flips) up to 80-85% of purchase & 100% of construction cost
• Experienced (3-4+ flips): up to 90% of purchase & 100% of construction cost
• Compensating factors: If the borrower is a licensed General Contractor or
Real Estate Agent then we can add an additional 5-10% leverage (however, it cannot exceed 90% of the purchase price and 65% of ARV)
What are Viva Capital Funding LLC’s rates?
Our rates depend on the borrower’s leverage.
Rates range between 5.5% and 15%.
Almost Free Money.
Does Viva Capital Funding LLC have any upfront fees?
Unlike other private money lenders who have fees prior to funding the loan, Viva Capital Funding LLC does not charge any upfront fees. The only upfront cost is the appraisal fee, which is paid directly to the appraiser.
Does Viva Capital Funding LLC only lend on investment properties?
Yes, Viva Capital Funding LLC only on investment properties. Viva Capital Funding LLC does not finance owner-occupied properties.
How much time do I have to repay the loan & is there a prepay penalty?
All loans are for a period of 12 months unless theborrower (prior to funding) notifies Viva Capital Funding LLC that 12months is insufficient. Typically more time is neededwhen the construction is extensive, for example, thereis a conversion taking place or an extension beingadded. If that is the case, Viva Capital Funding LLC is ready to providea 15-18 month terms at no additional cost. There areno prepayment penalties on our loans, which meansthat you can pay Viva Capital Funding LLC as soon as 5 days and haveno penalty added.
What happens if we exceed the term?
This rarely happens. But in the event it does,we are ready to extend the term for an additional fee.
Does Viva Capital Funding LLC lend nationwide?
Viva Capital Funding LLC nationwide with the exception of 7States. Viva Capital Funding LLC does not lend in (1) Arizona,(2) Minnesota, (3) North Dakota, (4) Nevada,(5) South Dakota, (6) Vermont, and (7) WestVirginia.
Does Viva Capital Funding LLC require experience?
No, Viva Capital Funding LLC does not require experience. So even if you are purchasing your first
deal, Viva Capital Funding LLC is ready to finance. Remember, Viva Capital Funding LLC is an asset-based lender,
that’s the reason why we are not strict on experience. However, the more
experience you hold, the more Viva Capital Funding LLC. For example:
• No experience (0 flips): up to 70% of purchase & 100% of construction cost
• Low Experience (1 flip): up to 75% of purchase & 100% of construction cost
• Some Experience: (2-3 flips) up to 80-85% of purchase & 100% of
construction cost
• Experienced (3-4+ flips): up to 90% of purchase & 100% of construction cost
• Compensating factors: If the borrower is a licensed General Contractor or
Real Estate Agent then we can add an additional 5-10% leverage (however,
it cannot exceed 90% of the purchase price and 65% of ARV)
What is Viva Capital Funding LLC’s credit score requirement?
620 FICO is excellent credit for Viva Capital Funding LLC. Viva Capital Funding LLC’s biggest concern with credit is to ensure that the borrower does not have any active or recent bankruptcies, foreclosures, or serious delinquencies, and active judgments. Remember, Viva Capital Funding LLC is an asset-based lender, that’s the reason why we are not strict on credit – so even if the borrower has a credit score less than 620 Viva Capital Funding LLC may still fund the deal. (Recent bankruptcies and foreclosures are within the past 2-5 years).
What if the property is not accessible, does Viva Capital Funding LLC accept exterior appraisals?
Viva Capital Funding LLC accepts drive-by exterior appraisals. Viva Capital Funding LLC understands that not every property is accessible (and that may be the reason why the borrower is getting a discount on the purchase price), so Viva Capital Funding LLC works with theborrower to accept drive-by appraisals.
Can Viva Capital Funding LLC provide proof of funds for contract negotiations?
Viva Capital Funding LLC is ready to send our borrowers proof of funds so that the borrower canconfidently negotiate with the seller or their brokers as a cash buyer. )
Can Viva Capital Funding LLC help find distressed properties?
Yes, Viva Capital Funding LLC is ready to introduce our borrowers to wholesalers who find off- market deals. Remember, Viva Capital Funding LLC’s founders were very active fix and flippers, they are ready to teach all their learned skills and disclose their sources.
What is Viva Capital Funding LLC’s minimum loan size?
Viva Capital Funding LLC’s minimum loan size is $100,000.
How long does it take to fund a deal from start to finish?
Viva Capital Funding LLC generally works on a 7 business day turnaround for a first-time borrower. If the borrower is a returning borrower with Viva Capital Funding LLC, then the turnaround time is 3 business days.
Can I do anything to expedite the time to fund a deal?
Yes, Viva Capital Funding LLC recommends getting pre- qualified prior to needing the financing. Normally, borrowers call us within a few days of having to close a deal and although it is doable, it causes preventable stress. So what we recommend is to get pre-qualified by Viva Capital Funding LLC now, this way when you find a good deal, Viva Capital Funding LLC within a couple of days.
What do I need to fund a deal with Viva Capital Funding LLC?
All Viva Capital Funding LLC needs to approve a deal is
(1) Purchase documents,
(2) Corporate documents,
(3) Title,
(4) Borrowers Photo ID,
(5) 620 credit,
(6) Appraisal (exterior or interior),
(7) Scope of Work, and
(8) Personal Financial Statement (self-declared, no bank
statements or tax returns needed).
Does Viva Capital Funding LLC work with brokers?
Absolutely, most of Viva Capital Funding LLCs business comes from brokers. We always strive to protect our brokers because of the value they add to Viva Capital Funding LLC.
Who Is Viva Capital Funding LLC?
- Call us at +17703367112
- Email us at info@Vivacapitalfundingllc.com.
- Visit us online at www.Vivacapitalfundingllc.com