Frequently Asked Questions
- Do you offer personal loans?
We do not offer personal loans. Our loan programs are for real estate investors.
- What kind of real estate loans do you offer?
RBI finances real estate investments. Both the purchase of properties for rent or a second residence, as well as renovations for subsequent resale. We also finance real estate development.
- What is the first step?
Fill out the one-minute application and get a term sheet in 24 to 48 hrs. After that, a loan processor will guide you through the process and requirements to close.
- What are the interest rate and loan term?
Usually, our rates are 9.99%. Loan terms are 12 to 36 months. There are some closing costs such as a 1.75% origination fee.
- What is the amortization type?
Most of our loans are interest only, which means a fixed interest is paid throughout the term and the full balance at maturity. For example, a $100,000 with 12 monthly terms and 9% rate will yield 12 monthly payments of $750 and a final payment of $100,000.
- What are the loan types?
The loan types are Bridge, New Construction, Fix & Flips, and Rental.
- What happens if I sell the property or prepay the loan before maturity?
In most of our loans, there is no prepayment penalty, so you can pay the same amount of the loan before the term ends.
- Do you lend to individuals?
Yes, we can lend to individuals. However, most of our deals are closed under an entity (Corp, LLC, INC, etc). These are investment loans, intended for business purposes.
- Do you lend on primary residences?
No. Our loans are only for second homes, investments, or commercial properties.
- How much does it cost to close a loan?
Typically RBI charges 1.75% origination plus $1,500 for administrative fees. Other costs to consider are outside attorneys, title, and appraisal which vary depending on the type of property.
- What is the average closing time?
On residential properties, we typically take 24 to 48 hours to issue a term sheet. After approval, the average time to close is 5 to 10 days on bridge loans, 10 to 15 days on Fix and Flips/ Rent, and time can vary on commercial properties depending on appraisal, title, and environmental conditions.
- Are you a direct lender?
Yes, we are direct lenders.
- Are personal guarantees required?
In most cases yes. However, depending on the area and LTV, it can be evaluated.
- Do you finance a second mortgage?
No, all loans are in the first position.