ZINC Financial, Inc.
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Wholesale Hard Money Lender.  Funding at High Speed. Investor Rehab Specialist
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FREQUENTLY ASKED QUESTIONS

We have compiled a list of frequently asked questions about our company, our rehab loans, and house flipping in general in an effort to save you both time and energy in submitting your rehab loan application.

Reviewing these questions and answers will give you a better understanding of whether your loan submission has a good chance of a preliminary approval.

  1. What states do you lend in?
  2. What loan product do you specialize in?
  3. Do you have Pre-Payment Penalties?
  4. Can I hold title in a corporation, LLC or Trust?
  5. Will you roll the costs of the loan into the loan?
  6. Do I have to prequalify every time I do a loan with ZINC Financial?
  7. Do you offer discount pricing for return borrowers?
  8. How do I pre-qualify for a loan?
  9. Do you lend on primary residence (Primary 1-4 Residence) Properties?
  10. Can I live in the property while I rehab it and get it ready to sell?
  11. Can your Rehab funding take second position?
  12. If I already own the property and I want to Rehab it for resale, will you refinance it?
  13. What are your lending limits?
  14. Do you offer 100% financing for Investor Rehab if I find a really good deal?
  15. Do you offer second and third position loans?
  16. Do you offer full construction financing (30)?
  17. You're an equity based lender, so your primary focus is on the equity in the property correct?
  18. What value do you loan up to?
  19. Do you determine the value of the property off of the appraisal?
  20. Are you a direct lender or do you just broker to investors?
  21. What are your fees?
  22. What properties do you lend on?
  23. Are there any properties you do not lend on?
  24. What is your minimum Credit Score (FICO)?
  25. Do you do foreclosure or N.O.D. bailouts?
  26. What income requirements do you have?
  27. What are your Debt to Income Requirements?
  28. What debt coverage ratio do you require for income producing properties?
  29. How soon can I expect a preliminary approval from ZINC?
  30. Do you require any up front fees?
  31. How soon can I expect funding from ZINC?
  32. What fees can the broker charge?
  33. Do you require the borrower to use a 3rd party escrow chosen by the lender?
  34. Do you ever speak with the borrower directly?
  35. What do you require to submit a loan?
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  1. What states do you lend in?

  2. California, Arizona, Indiana, Ohio, New Mexico, Texas, Tennessee, Michigan, Washington, and Colorado.

    Loans made or arranged in Arizona must be represented by a mortgage broker qualified to do business in that state.

  3. What loan product do you specialize in?

  4. We specialize in non-owner investor rehab loans, where the borrower secures properties at a steep discount, rehabs the property, and resells it at a substantial profit, usually within 3-6 months. More can be found in our investor rehab section.

  5. Do you have Pre-Payment Penalties?

  6. No, there is never a pre-payment penalty.

  7. Can I hold title in a corporation, LLC or Trust?

  8. Yes, but we do require personal guarantees from the principles.

  9. Will you roll the costs of the loan into the loan?

  10. No

  11. Do I have to prequalify every time I do a loan with ZINC Financial?

  12. Yes, after the third loan, your pricing will be reduced.

  13. Do you offer discount pricing for return borrowers?

  14. Yes, after the 3rd loan, your pricing will be reduced.

  15. How do I pre-qualify for a loan?

  16. Go to the "Get Pre-Approved", tab of our website, complete the registration and send in the required information described on the page.

  17. Do you lend on primary residence (Primary 1-4 Residence) Properties?

  18. No, you cannot live in the property we lend on.

  19. Can I live in the property while I rehab it and get it ready to sell?

  20. No

  21. Can your Rehab funding take second position?

  22. Usually not, all of our investor rehab loans are first position.

  23. If I already own the property and I want to Rehab it for resale, will you refinance it?

  24. Yes

  25. What are your lending limits?

  26. Typically, $50,000 to $1,500,000. However, exceptions will occur with strong deals and strong borrowers.

  27. Do you offer 100% financing for Investor Rehab if I find a really good deal?

  28. No, no matter how good the deal, the investor must home some skin in the game in the form of hard cash. See our Loan Programs.

  29. Do you offer second and third position loans?

  30. We sometimes offer second position loans in rare circumstances with plenty of equity. We do not offer third position loans.

  31. Do you offer full construction financing (30)?

  32. No. We only offer investor rehab financing.

  33. You're an equity based lender, so your primary focus is on the equity in the property correct?

  34. Yes

  35. What value do you loan up to?

  36. We loan up to 85% of the purchase price, not to exceed 70% of the ARV. For example, if you purchased the property for $100,000, and it will be worth $150,000 when repaired, then we will loan up to $85,000 so long as $85,000 does not exceed 70% of the after repair value. (ARV = $150,000 x 70% = $105,000, which is more than our $85,000 loan.)

  37. Do you determine the value of the property off of the appraisal?

  38. Yes. We always use two values. The purchase price and the ARV. The purchase price is determined by the amount you paid for the property. The ARV is determined by the appraisal.

  39. Are you a direct lender or do you just broker to investors?

  40. We are a direct lender with control of our own funds. We make all decisions right here.

  41. What are your fees?

  42. See "Loan Programs" tab for fees, rates and terms.

  43. What properties do you lend on?

  44. Typically we lend on SFR 1-4, but we will consider multifamily properties on a case-by-case basis. We typically do not loan on commercial, retail, land, rural, etc.

  45. Are there any properties you do not lend on?

  46. We do not lend on primary residences, raw land, mobile homes, extremely rural properties, or properties in very poor condition or undesirable areas.

  47. What is your minimum Credit Score (FICO)?

  48. See "Loan Programs" tab for credit requirements. We typically like to see a 625 Mid FICO, but we will consider lower FICO scores with special circumstances and a little more cash in the deal. We are NOT a subprime lender, and borrowers with terrible credit should not apply.

  49. Do you do foreclosure or N.O.D. bailouts?

  50. No.

  51. What income requirements do you have?

  52. We do not have set income requirements for the borrower, but the borrower must be able to prove the ability to repay..

  53. What are your Debt to Income Requirements?

  54. We do not have set DTI requirements, but the borrowers must be able to prove the ability to repay.

  55. What debt coverage ratio do you require for income producing properties?

  56. We like to see a 1.4 DCR.

  57. How soon can I expect a preliminary approval from ZINC?

  58. Usually in 7-10 days if required documentation is provided in a timely manner.

  59. Do you require any up front fees?

  60. No, we require no upfront fees other than the appraisal, which is ordered by ZINC but paid directly by the borrower with their credit card.

  61. How soon can I expect funding from ZINC?

  62. Usually in 7-10 days if required documentation is provided timely.

  63. What fees can the broker charge?

  64. Brokers charge their own points on top of ZINC's points. Brokers points cannot exceed ZINC's points. We do not allow brokers to charge any miscellaneous junk, processing, or other fees.

  65. Do you require the borrower to use a 3rd party escrow chosen by the lender?

  66. Yes, with the exception of a purchase and then the escrow and title company must be approved by ZINC. See Title and Escrow requirements under the Forms Section.

  67. Do you ever speak with the borrower directly?

  68. Yes, every borrower must complete an extensive recorded borrower interview over the phone.

  69. What do you require to submit a loan?

  70. We require a complete submission with supporting documents, as outlined at the "SUBMIT A LOAN" tab of our website.

 

ZINC Financial, Inc. ZINC Financial - Investor Rehab Financing
ZINC Financial, Inc.
Our underwriting team is happy to
answer your questions.

Please feel free to contact us with
any additional questions or
comments you may have.

(559) 326-2509
ZINC Financial, Inc.
office@zinc.net

 

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Loans made or arranged pursuant to a California Lender's License
*Loans made or arranged in Arizona must be represented by a mortgage broker qualified to do business in that state.

 

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