We talk to you and receive an address and any other information you consider pertinent to the deal. For initial inspection we only require an address but the more information provided allows us to make decisions quicker.
Our in-house analysts will run comps on the property using a software program that collects real estate data from around the country. We will pick 5-8 comparable properties and develop an initial appraisal.
After the appraisal we will get back to you and tell you what we think it is worth. typically we only loan 50% of our appraised loan value. This is the part where you can really shine. We don’t know the area as intimately as you. Convince us that our numbers are wrong. Bring up growth factors, potential buyers, or anything else that makes this deal more attractive to us. Here at Gravity we don’t follow any set guidelines in order to provide maximum flexibility for our clients.
Generally, we will send a letter of intent based on our comfort with the deal before performing and in person inspection.
Don’t worry. We won’t fly out until we are fairly sure that a deal is beneficial for both sides. We don’t want to waste our time or yours. To receive our in-person inspection, we simply charge you the cost of travel. We will ask for your card and book a flight that can be completed within a 24-hour period and head down as soon as possible.
Our inspection can include a multitude of steps, but generally we look at anything that we think may affect the value of the real estate. Parts of our inspection can include but are not limited to: Quick walk through, review of quality issues, needed maintenance updates, speak with borrower, check surrounding locations, road access, utility costs, zoning requirements, talking to tenets and anything else deemed necessary.
After the in-person inspection we then will decide on the proper rates, LTV (loan to value) and so forth. When all parties are comfortable with the deal we will move towards closing and help you get a fast loan. Contact us today to get funding today!
