JRED
ENTERPRISE LLC
Call Us Toll-Free
877-603-2027
For Your Information
Q. Is the property on your main page an actual project?
A. Yes, that is a property I acquired Aug 2023; Sold October 2024
Q. Do you offer Project Management or General Contracting services? A. Yes we do!! Complete the Contact us form and share with us the details of your project
Q. What is the minimum credit score for a fix and flip?
A. Them minimum credit score for a fix and flip is a 640; New Construction is 670
Q. What is hard money?
A. Hard Money is money loaned to an entity(business) secured by real estate, however the lenders are individuals or companies and not banks
Q. What is the difference in using "hard money lenders" vs "traditional bank lenders"?
A. Hard Money lenders are best for non-owner occupied properties or commercial properties with shorter lending terms, whereas traditional lending is for owner occupied properties with longer terms
Q. What is DSCR?
A. DSCR is Debt Service Coverage Ratio - A measurement of a company's available cash flow to pay current debt obligations(mortgage and expenses, the higher it is, the more leverage an investor like you can get. (ex Net Operating Income / Debt Service( debt service is money required to cover the payment of interest and principal on a loan or other debt for a time period))
Q. What is DSCR requirements?
A. DSCR loan is specifically for rentals. You will need a credit score of 670, an LLC, EIN, scope of work if rehabbing, purchase price, rehab budget and down payment( determined by lender)
Q. Will you need my bank statements, pay-stubs or W2's?
A. No. However, bank statements may be required for Rental or DSCR loans
Q. What is the turn around time for approvals?
A. 24-48 hours
Q. What documents will I need?
A. Paperwork showing formal business in good standing registered with your respective state, Operating Agreement, EIN (These are the initial REQUIRED documents to get started) If you are purchasing property in a state outside of the state of your primary residence, you will need to create a Foreign Entity in order to purchase in that state
Q. What are your rates?
A. Rates are determined by your experience and credit score