Frequently Asked Questions

Frequently Asked Questions

Cost-Effective and Swift Funding Options for Real Estate Ventures

If you’re exploring opportunities in real estate flipping, rehabilitation, or wholesale property acquisition and need financial assistance, turn to Mioym Commercial Capital. We offer customized financing solutions to help you achieve your goals efficiently. We simplify the funding process, ensuring minimal time commitment on your end. Having a perfect credit score is not a prerequisite for obtaining financing through us.

Our funding programs are designed to address the challenges commonly encountered by real estate investors who may not meet the criteria of traditional lenders. Unlike conventional methods, we don’t heavily emphasize borrower credit profiles in our decision-making. Instead, we prioritize the value of the property itself. The more appealing the deal, the greater the likelihood of approval.

Commonly Asked Questions Directed at Our Team

We understand that some customers may have faced repeated rejections from banks and traditional lenders, which could result in feelings of discouragement and reduced motivation when considering our services, expecting similar outcomes. Our specialization lies in offering positive responses in situations where other lenders may have turned applicants down. If you’re in need of a real estate lender with a deep understanding of the industry, capable of expediting property closures, don’t hesitate to contact us. In the meantime, feel free to peruse our frequently asked questions (FAQs) below!

FAQ

Who Is Eligible for Financing?

We know how challenging it can be for landlords and commercial property owners/investors to secure funding for real estate. At this time, we only provide financing to commercial clients/investors who are LLCs and corporations for nonowner-occupied properties.

What Type of Credit Is Needed?

Credit is an important factor in many lending situations. We understand that many financial institutions will not provide funds to business owners who have less than stellar credit. We encourage all interested individuals who have a business to apply. We do look at their creditworthiness, but there are other aspects of their profiles that we take into consideration. Clients do not need to have excellent credit with us. However, we do require low credit score borrowers to have strong payment histories. We accept clients with all types of credit.

How Much Can I Borrow?

We have different lending programs and modest funding amounts for commercial real estate investors that include no prepayment penalties and a one-year no interest until maturity. Our lowest funding level is $125,000. We are very accommodating towards investors who need more. We can provide as much as $5M in financing.

How Much Income Do I Need?

We do not set income limits for our clients. We know an investor’s income does not give a completely accurate picture of their eligibility. We do require all borrowers to have enough verifiable income to demonstrate their ability to pay the interest on their loan according to the repayment schedule.

What States Do We Service?

We provide funding nationwide, with the exception of the following states: Nevada, South Dakota, North Dakota, Alaska, and Hawaii, Michigan and Illinois.

What Are the Property Qualifications?

Properties that qualify for funding include commercial buildings that have a residential component and single and multi-family properties. Properties we cannot provide loans for are buildings in less than ideal areas, extremely poor condition, manufactured/mobile homes, land, co-ops, owner-occupied, residential properties and certain rural buildings. If you are not sure if a certain property qualifies, just ask. We’ll be glad to help! If you think you’ve found a good investment opportunity, there’s a great chance we can finance it.

How Long Does it Take to Close?

Our closing process can be as short as 2 weeks – after first deal is in, we can close in 3-5 days. For time-sensitive deals, we can close in as little as three to four days. Our processing clock starts from the initial point of contact.

How Much Financing Can I Receive?

We do not provide 100 percent funding on all deals. We provide 100 percent financing for rehab expenses. For purchase contracts, we provide up to 90 percent in funding. On rehab properties, we provide financing based on the after-rehab value (ARV). Rehab borrowers can receive 70 percent of their property’s ARV. Costs that borrowers are expected to cover themselves include any overbudget expenses for rehab properties, loan interest and settlement fees.

What About Owners Turned Investors?

We also cater to property owners who do not currently and will not reside in their properties again. Before we can consider them for funding, they must establish themselves as an LLC or corporation.

Do You Only Fund Experienced Borrowers?

We also cater to property owners who do not currently and will not reside in their properties again. Before we can consider them for funding, they must establish themselves as an LLC or corporation.

What About New Construction Deals?

Mioym Commercial Capital provides financing to experienced contractors and builders. Stipulations apply.

What Lien Position Do You Take on the Loan?

Mioym Commercial Capital is a first-position lender. We control our funds. We do not need to go to another organization or entity to secure the funding you desire. Because there is no middleman, we create our own criteria. We also process applications faster and provide funding in less time than many other lending institutions. Mioym Commercial Capital takes a more personalized approach to the lending process, which allows us to give more consideration to each applicant’s situation. We often say yes and how much where others say no.

What Is the Application Process Like?

The application process is fast and simple. Ideally, we expect potential borrowers to include in their loan application a deal summary, proposed scope of work and purchase contract. Depending on the deal, we may also ask for property comparisons. We’ll review your application and contact you right away to discuss your investment opportunity and inform you about lending requirements and borrower expectations.

We do not require any money from you upfront. Appraisals are required for all approved applications. You do not pay any fees until you receive our terms and conditions sheet regarding your deal. All borrowers must sign a personal guarantee before funds are dispersed.

How to Get Started

We know that real estate deals are time-sensitive matters. We encourage you to complete the prequalification process to know exactly where you stand with us. Our loan experts do not believe in wasting your time or giving you the runaround. Once you complete the prequalification process, you’ll hear back from us within 24 hours. Our loan professionals speak to and meet with all borrowers before closing. If you have a question that is not answered here, or you are ready to apply to get the funds you need right away, contact us to let us know. We’ll be more than happy to address your concerns, and clear up any confusion you may have and get your funding underway.

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