How it works
From first number to payoff.
Seven stages, from your first estimate to the day the loan is paid off. At each one you will see what you do and what Long Hall Financial does.
We do not publish turnaround times yet; once we have seen your deal we will give you a realistic estimate.
Estimate and conversation
You
- Run the Fix & Flip or DSCR estimator with your own numbers. No sign-up.
- Or call or text Tyler at 408-459-8133 with the address, price, rehab budget and your plan.
- Have a rough idea of your credit score and how many projects you have finished in the last 3 years.
Long Hall Financial
- Tyler sizes the deal against current program guidelines and tells you which program fits.
- Rates, points and fees come from a personalized quote once Tyler has seen the deal.
- If something will not work, you hear it now, not after an appraisal.
Application
You
- Apply online. Save and come back any time.
- Describe the property and the numbers, then your entity and its owners.
- Add your track record: address, dates, prices and rehab budget for each finished project.
Long Hall Financial
- Tyler reviews your application and flags anything missing.
- He assembles the file and submits it for underwriting.
- You have one person to call with questions, not a queue.
Credit, background and experience review
You
- Authorize the credit and background check for each guarantor.
- Answer any questions about your track record or past credit events.
Long Hall Financial
- A tri-merge credit report is ordered after you authorize it, as a soft credit inquiry.
- Experience is verified through public records; only finished, exited projects count.
- Tyler tells you which experience tier you land in and what it means for your leverage.
Appraisal
You
- Arrange access to the property, or name the person who will meet the appraiser.
- Already have a recent appraisal? Tell Tyler. A transfer is possible under certain conditions.
Long Hall Financial
- The appraisal is ordered automatically once your file is submitted. You cannot choose the appraiser.
- Rental appraisals include a rent schedule, which feeds the rent coverage test.
- Tyler keeps you posted and goes through the value with you when it comes back.
Indicative terms, documents and insurance
You
- Review the indicative terms and ask anything.
- Upload your documents: entity documents with a recent good standing certificate, a personal financial statement for each guarantor, a scope of work for a rehab, and leases and bank statements for a rental.
- Accept an insurance proposal that meets the program's requirements, or use your own agent with an ACORD binder.
Long Hall Financial
- Tyler goes through the terms with you line by line.
- He tracks every document and tells you what is still open.
- Insurance certificates and paid invoices are due a day before closing; the final policy follows within sixty days after closing.
Closing
You
- Sign the closing documents.
Bring the funds to close:
- The purchase price minus the initial loan amount
- Closing costs
- Points
- The interest reserve: on a flip, the minimum depends on your credit; on a rental, 3 months of payments plus tax and insurance escrows
- Insurance premiums, paid before closing
Long Hall Financial
- Tyler reviews the closing figures with you before closing day, so the amount you bring is not a surprise.
- He stays in touch with title and the closing team until the loan closes.
After closing
You
- Pay for the work, then send live photos of what is finished to request a draw.
- Request a payoff or an extension from your Long Hall account.
Long Hall Financial
- Draws reimburse verified completed work from live photos, and each draw moves through seven tracked stages you can follow.
- The last funds release when the property is ready to sell or rent.
- Payoffs and extensions are requested from your Long Hall account, and Tyler follows every request.
- Tyler stays your contact through payoff.