Frequently Asked Questions
1. What is Hard Money?
Hard Money is commonly known by several other names, rehab loans, bridge loans and construction loans. Hard Money is a form of financing available to purchase property that does not conform to conventional underwriting standards.
2. What type of properties do we loan on?
Single family residential loans only. The properties are designed as investment properties. The home needs to be detached and below market value, the usual borrower is someone looking to become a landlord or to buy fix and sell for a profit. We do not provide funding for land or commercial property.
3. What is the term of the loan?
The loans are for six month terms with two possible extensions available subject to a successful review of the original terms. Additional costs may be incurred from extending the life of the loan.
4. How do I get pre approved?
Fill out the qualification sheet on the website or contact a sales representative to get the pre approval sheet filled out and you will receive a response within a 24hour time period.
5. What are the requirements to qualify?
Not Fico Score driven. These loans are not available to first time homebuyers and the homes cannot be occupied by the purchaser during the life of the loan.
6. Where do you loan?
Currently loans are only available in the El Paso Texas.
7. Do you require inspections?
Marquis Mortgage LLC will order all inspections. These will include an appraisal, and home inspection. The borrower will not be responsible for providing any reports and Sherman Bridge will not accept any submitted reports if the borrower does order one of the above.
8. Do you refinance?
We will not do refinance loans. We will provide loans to purchase homes only and will only be in first lien position.
9. How many loans can I have at one time?
Depending on the borrower a max of two loans at any one time will be allowed at this time.
10. What is the maximum loan amount I can get?
Currently we will fund up to $100,000.00. In special circumstances and depending on the situation this could be increased.