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How fast can you close?

We can close our loans in 5-10 days after receipt of all information.

How soon can I expect a preliminary approval?

Usually within 24-48 hours, if the submission is complete.

What is your maximum loan to value (LTV)?

We can lend up to 100% of the purchase price and repairs, but the loan must be less than 70% of the After Repaired Value (“ARV”).

What is the minimum credit score you will accept?

We typically don’t have a minimum Credit Score, however we do pull credit reports and look at payment patterns, especially mortgage and auto pays.  Credit score and financial strength will factor into the maximum LTV and interest rate.

Do I have to pre-qualify every time I do a loan with Gemini Funding, LLC?

You are pre-qualified after your 3rd Gemini loan in the last
12 months.

What are your loan origination fees and interest rates?

Loan origination fees vary depending on the loan amount & interest rates.

What types of properties will you lend on?

We currently lend on non-owner occupied residential 1 – 4 family homes, investor properties, townhomes, land, and small apartment buildings are considered on a case-by-case basis.

What lien positions will you lend against?

First liens for well qualified borrowers.

If I already own the property and I want to rehab it for resell, will you refinance it?

Yes, as long as it is non-owner occupied.

What are your standard terms?

12 months.

In what areas do you lend?

We focus on properties located in the New York City metro area and Northern New Jersey, concentrating on the 75-mile radius around New York City.

What are your minimum/maximum loan amounts?

Our minimum loan amount is $100,000 and our maximum is generally $3,000,000.

Is an appraisal required? Will you accept a third party appraisal?

We determine an appraisal. We typically don’t accept third party appraisals. The comps used will be from similar properties in terms of size, age, condition, construction, etc. within a radius of 0.75 miles from the subject property that have sold within the previous 6 months.

Do you charge prepayment penalties?

Your loan may be prepaid at any time without a prepayment penalty.

Do you lend money for repairs?

We lend money for repairs. Repair money is usually held in escrow and will be released in draws as you complete the renovations on your property. The borrower is responsible for paying their contractors and material suppliers.

Do you provide proof of funds letters?

Yes, upon pre-approval.

Can anyone live in the house during the course of the loan?

We only lend on non-owner occupied properties.

Do I need to have a property under contract before applying for a loan?

We can pre-approve you for our loan program prior to placing a property under contract.

Do you require a down payment?

It is on a case-by-case basis. We could provide finance up to 100% of the purchase price.

Can the points, closing costs, and interest be rolled into the loan?

The options of monthly interest & principal, monthly interest only, or balloon payments are available and are dependent upon Borrower experience.

Are there any upfront fees, application fees, or inspection fees?

We do not charge appointment fees, legal fees or foreclosure fees. However, inspection fees are typically charged after approval and upon funding.

Do you require a personal guarantee?

In most cases we do.

Can I hold title in a corporation, LLC or Trust?

Yes, but we do require personal guarantees from the principles.

Will an attorney representing Gemini Funding be involved in the closing?

A Gemini attorney will coordinate the closing.  We recommend that the Borrower hire their own attorney as well to represent in closing.

Where will I make my payments?

You make your payments directly to Gemini Funding LLC.