Borrowers - Frequently Asked Questions
Q: What are your rates and terms?
A: Rates and terms vary considerably depending on a variety of factors including loan to value, property type, credit scores, source of income, etc. Typically, our rates fall between 8% and 14% and terms range from 6 months to 5 years. Most loans are interest only monthly payments with a balloon payment at the end of the term.
Q: Why would anybody pay higher rates and fees for a real estate loan?
A: While interest rates are at very low historic levels, those rates are only available for borrowers who meet certain, often demanding guidelines. Fairway's strength is assisting borrowers who fall outside those traditional guidelines, but have a pressing need for a loan. Fairway America helps clients to consolidate credit card debt, pay off an overdue loan, pay off tax liens, buy out a partner, obtain working capital for needed equipment or supplies, acquire real estate, and countless other scenarios.
If you can't obtain a loan from a traditional source, we will underwrite our loan to improve your situation, or we won't make the loan. In addition to structuring a win-win loan for you, we will accomplish your goals with a low-hassle process, and speed you won't find anywhere else. That's what separates Fairway America from the rest of the pack.
Q: How long will my loan process take?
A: We can close in as little as 5-10 business days. Generally, we can assess your situation over the phone in 10-15 minutes and if it looks promising we can issue a loan approval within 24 hours. Then we will get your loan request on the fast track to closing!
For more information, please call today at (800) 454-0564
