About Our Gap Funding for Real Estate Investors
How Gap Funding Works
We offer loans that are based on a 3, 5, or 7-year amortization schedule with interest rates starting at 6% and typically ranging between 10% and 18%. Our gap funding has no prepayment penalty, nor do you have any out of pocket expenses. You will have to pay a one-time tax-deductible 15% success fee, which is rolled into the loan amount. This fee covers the costs of the underwriting process as well as helps us to continue to provide the unique services our customer relies on for their real estate investment needs.
However, it would help if you met our minimum qualifications to qualify for our loans. These qualifications include:
- Have a minimum credit score of 680.
- Have a minimum of three established credit lines (such as mortgage or auto loans).
- Have no more than six credit inquiries in the last six months.
- Have no new lines of credit or other revolving accounts in the last six months.
- Have a minimum of six months at the same job with two years of work history and W2 employment.
- You could be accepted with a 20%-30% credit usage or DTI, though we will look at those with 60% DTI. Anything over 50% may not be accepted.
- Have no bankruptcy on record or bankruptcy that was discharged two or more years ago.
- Be a W2 employee with a minimum annual income of $30,000.
These loans work like a long-term line of credit that you can use as needed for whatever your investment needs.
About Our Process
How does this process work?
- Get pre-qualified by submitting our Qualification Questionnaire.
- Once you get pre-qualified, you can go through the application process. When submitting your application, make sure that you have all of the required documents.
- After you submit your application, we perform a compliance call to verify your identity and the information on your forms.
- Approvals are typically obtained within 48.
- You will get direct deposit funding typically within five to seven business days from start to finish.
Investing in real estate is hard enough; you need a simple process to obtain the funding you need for your real estate investment.
How New Heights Funding Service Can Help You
We can help by offering you cash to purchase performing and non-performing real estate notes. This option can help you get the money you need for your next project. Need more cash flow for your project? We also offer advice on how to obtain it.
Our company uses a proprietary software which allows us to provide an average of 80% more than what you can get on your own. At New Heights Funding Service, we work with over 220 banks, financial institutions, and well-off individuals to get you the results you need.
There is a service fee that is paid after the funds are deposited into your account. This fee is tax deductible, which can help you even more for your real estate investment business. When you apply for our loans, you will not see any hard inquiry on your credit until after you have signed up for the loan options for which you were approved, however, keep in mind that there will be one inquiry per lender that is used to service your loan. This requirement means that as a real estate investor, you need to be sure that you are using this loan wisely.
Our loans are paid back monthly and not in one lump sum. Keep in mind, since there is no pay-off fee, you can pay more to avoid extra interest on your loan. This option helps you to continue using this line of credit as needed. This gives you flexibility as a real estate investor to add more investments to your portfolio as opportunities come your way.