The Crown Valley Group is a trusted lending partner for landlords, rehabbers and real estate investors of metropolitan Atlanta. Our programs help both new and seasoned investors buy new property and upgrade existing real estate investments for faster resale or refinancing.
The following are Frequently Asked Questions about our process:
1. How does it work?
Though there are some differences between residential and commercial loans, there are basically four easy steps to our process.
- Identify a property.
- Fill out our simple application forms, providing personal financial information and the necessary property information.
- Contact us to see how much you can receive, based on your situation and needs.
- Close the loan.
Our application process is faster and easier than you’ll find with traditional financing. It normally includes collecting the following information:
Credit authorizations and brief financial history on the borrower: Though we look at your personal credit history, it does not carry the weight it does in typical financing—the final value of the property is more important to us.
Borrower’s professional information—experience, current situation, goals: Your real estate experience matters to us. Through collecting some initial borrower information, we tailor our service to your needs to increase your success rate. Especially with first-time borrowers, at this point we might make sure you have access to contingency money in case your project hits snags along the way. By understanding your level of experience and your current situation, we can help both new and seasoned investors make better deals in Atlanta real estate.
Property Evaluation—costs, repairs needed, After Repair Value (ARV), After Construction Value: The final stage is evaluating the property. We identify the associated costs and help you determine the long-term value and profits expected in your investment.
2. How long does it take to get approved?
Expect a decision within 48-hours of your submission of the loan application and initial paperwork. For commercial lending, we offer a signed letter of commitment in just a few days, which is unique in our industry. This quick response allows Atlanta real estate investors to take full advantage of timely opportunities.
3. How long does it take to close, once I have been approved?
Following approval, closing usually takes approximately 7 business days.
4. When do I get my money?
With the right paperwork in-hand (application, appraisal, title, closing, etc.) we fund immediately.
Our process normally puts money in your hand in approximately 7 business days.
5. What are the closing costs?
Your lender closing costs average 3 to 5 points, plus the costs of inspection fees and property evaluations. You will be informed specifically of your costs and responsibilities prior to closing.
6. What is the interest rate?
The interest rate might vary based on your credit, experience, and the estimated value of the property. The average interest rate is between 13% and 15%. Applicants who don’t meet all the requirements can use a co-borrower to help leverage a lower interest rate.
7. Do I need an appraisal?
Yes. We order an independent appraisal of your deal, to get an “as-is” and an after completion value of your property. You will often be required to prepay for a property inspection and appraisal. As part of the appraisal, we may also analyze the property’s time spent on market.
8. What is the term of the loan?
Our standard loan periods are quick, falling between 6 and 12 months for single family residential loans, and up to 18 months for commercial loans. You can prepay anytime you want, for unlike traditional options, our loans from never have a prepayment penalty.
9. What’s the highest "Loan to Value" (LTV) I can get?
We have programs offering up to 70% LTV on the As-Is or After Completion Value of investment properties. The rate varies between loan programs.
10. How does The Crown Valley Group decide how much money I can get?
We base the value of each loan on a number of factors, including your purchasing or renovation / construction needs and your property’s After Completion value or As-Is value. We’ll fund up to 100% of your projects that do not exceed an established percentage (up to 70%) of your After Completion or As-Is value (As-Is values are, for the most part, used for single family residential projects without a renovation component and commercial loan assessments).
11. How do you determine the amount of my payments?
We offer interest-only loans, billed on a monthly basis. Each monthly payment is simple interest.
12. Can I defer the interest payments to the end of the loan?
No. Your payments are interest-only paid on a monthly basis, so the interest cannot be deferred.
13. Do you cover the renovation / construction costs?
Yes. We’ll fund up to 100% of your renovation / construction costs, based on the LTV of your established loan program. We help you create an itemized list of the work, and arrange payments timed with the completion of each task. We don’t pay up front. Our renovation / construction loan programs are specifically designed to help you complete and resell your investment real estate quickly, maximizing your profit potential.
Each draw request requires an inspection of your property, ensuring the work is completed and is satisfactory.
14. How do I draw money from my renovation / construction funds?
As you complete each task in your construction budget, you will submit a draw request which will be reviewed by a Crown Valley Group inspector. Upon approval, you will receive a check for the approved amount. Draw requests must be in by 12:00 PM on Wednesday in order for payments to be made by Friday after 2:00 PM.
15. Do you have a program for new construction?
Yes. We fund many new construction projects throughout North Georgia.
16. Can I get a loan for a rental property in Atlanta?
Yes. We provide the money to rehab or upgrade rental properties and can also assist you in new purchases. Contact our Commercial Lending Division for details.
17. Does The Crown Valley Group, Inc. provide refinance loans?
Yes. The Crown Valley Group, Inc. will refinance your property based on approval at a loan to value ratio of up to 65%.
18. Does The Crown Valley Group, Inc. provide Cash-Out refinance loans?
Yes. The Crown Valley Group, Inc. provides Cash-out refinance loans at loan to value ratios of up to 60% of As-Is value.
19. How much of my own money goes into each deal?
This varies, depending on the deal. Any closing costs or points you must pay can typically be rolled into the loan, provided your deal meets standard loan to value (LTV) and credit criteria. We will gladly walk you through where every dollar goes, and why.
20. Do I need a job to qualify for a loan?
It is not a requirement. When underwriting a new loan, we will evaluate your overall financial condition; your current employment situation is only one factor we consider.
21. If I do more business with you, will my future loans cost less?
We build solid, lasting relationships with Atlanta real estate investors. As our business relationship with you grows you may qualify for better rates, enabling us to help you by lowering your costs of doing business.
22. Do I have to fill out the same paperwork and have a credit review each time I submit a new investment property for financing?
We’ll work with you to keep your investment file and personal information accurate, and up-to-date. We will ask you to periodically update information, so as our relationship grows we can streamline your process wherever possible.
23. How many projects can I finance at one time?
We handle this on a case-by-case basis. It depends a lot on your experience and your history with us. Funding multiple projects at a single time is not uncommon, and we will help you determine when this is in your best interests. We have the financial means to help you explore many solutions.
24. Does The Crown Valley Group, Inc. offer a Line of Credit program?
Yes – The Crown Valley Group, Inc. offers Line of Credit (LOC) programs from $300,000 to $1 Million for the active investor. This will allow you to act quickly on great deals and make low offers to sellers in exchange of a promise of a quick closing because you will know that the money will be there for you to act.
25. Should I fill out the loan application form before I have an investment property under contract?
Since ours is a simple two-step process, we can get your approval started even before you find the right property for your investment. The first step of our process is to approve the applicant, and the second step is evaluating the property being financed. Filling out your paperwork in a timely manner always speeds up the process.
26. What is meant by “hard money” at The Crown Valley Group, Inc.?
Also sometimes called “equity loans,” Crown Valley hard money loans are a non-conventional alternative to traditional lending options. Funded by private money sources, our hard money loans eliminate typical banking hassles and reduce your paperwork, approval process, and repayment terms.
The interest rates and points on Crown Valley hard money loans are usually higher than with traditional options. The repayment terms are usually much shorter as well, with most of our loans in ranging between 6 and 12 months for single family residential loans and up to 18 months for commercial loans.
Because it offers them flexibility and power, smart investors just consider a hard money loan another cost for doing business.
27. Why should I choose an Atlanta hard money loan from The Crown Valley Group Inc.?
Real estate investors and landlords in Atlanta take advantage of a Crown Valley Group loan for a number of reasons. They might need to quickly close on a property so they can later sell this property to another investor or rehabber. They might have a vacant residential property needing renovation to reach full market value. They might need to act quickly to purchase a foreclosure. They might buy a run-down property, rehab it, and rent it out for an additional revenue stream. In each instance, they need money, fast. If you are looking for the fastest way to close a deal, a Crown Valley Group hard money loan works in ways traditional financing simply can’t.
Real estate in Atlanta moves quickly. The Crown Valley Group allows you to move with it.
Call Us Now! 770.642.8140