Frequently Asked Questions
Do You Have Questions About Perfecto Capital?
How do I start?
Click on a “Get Funded Now” tab and fill out the online application. One of our experienced team members will call you back within 48 hours. It’s that simple!
Do I need good credit to get a loan?
No. We do not run your credit.
What income requirements do you require?
There are no income requirement from the borrower.
Do I need experience to receive funding?
Experienced investors and repeat customers may get more favorable financing however no experience is required for most loan programs.
Do I need cash to close?
Yes, we only provide loans up to 70% of the property’s after-repair
value (ARV). Exceptions available in certain circumstances.
How soon can I expect a preliminary approval?
Within 48 hours of completing the online application.
How quickly can you close?
Most loans close within three weeks of borrower’s funding approval, however we can close within 3-4 days if all the paperwork is in order.
How far in advance do I need to apply for a loan?
Any amount of time is acceptable, however any funding needed within 14 days of initial contact is considered a “rush closing”.
Are there extra fees for a rush closing?
For a rush closing on a loan of $100,000 or less, a fee of $1,000 will be applied. For any loans of $100,000 or more, the rush fee is 1 point (1% of the loan).
Will you lend to an individual?
Loans are made strictly to business entities; LLC’s, Corporations or Land Trusts with a personal guarantee.
Is an appraisal required to fund a loan?
An appraisal may be required to fund a loan if the real estate comparable methodology “comps” do not satisfy our underwriting department and/or for other particular circumstances. Perfecto Capital makes no money off of the appraisals and the potential borrower pays the designated appraiser directly.
Do you offer discount pricing for return borrowers
Yes, repeat customers receive favorable financing however every deal is analyzed on a case by case basis.
Will you lend 100% of rehab costs?
In certain circumstances, yes.
What kind of properties do you lend on?
We lend on residential, multifamily-residential (4 units or less) and multifamily-commercial (5 units or more) properties. We do not lend on other type of commercial properties. We also do not lend on primary residences, co-ops, raw land, mobile homes or commercial properties. We will also do not lend in highly undesirable or war-zone areas. Every deal is analyzed on a case by case basis.
Where do you lend
In Florida. Other states on a case by case basis.
Can I cross-collateralize other properties?
Yes, if you own multiple properties, we will often times use one or more of those additional properties as collateral in lieu of requiring a down payment for your project or to increase the overall value of the loan.
Will you finance loan points?
In certain circumstances, yes.
Do you provide Proof of Funds letter?
Yes, after you’ve been pre-approved for one of our private loans, any of our experienced team members can provide you with a POF.
Do you lend to owner occupiers?
All of our loans must be non-owner occupied. Loans are made strictly to business entities.
Are you a direct lender?
We are a direct lender with control of our own funds and decision making.
What are your lending limits?
The maximum loan amount is $2,000,000 per property.
Will you take a 2nd lien position on a loan?
No, we are a 1st lien lender only.
Can I pay down my loan principle?
Yes, we allow loan pay downs at no additional charge, however a predetermined pre-payment penalty will be enforced if the pay down occurs within the pre-payment penalty time frame.
What is a pre-payment penalty?
It’s a set minimum amount of payment the lender requires, regardless of a partial pay down or entire loan payoff during any period of the loan.
Do you offer new construction financing?
Yes, but only to experienced contractors or builders.
Do you lend to foreign investors?
Yes, we lend to foreign investors.