The company works with experienced investment companies with a proven track record and only approves 5% of deals. Groundfloor offers loans from $25,000 to $2 million with financing of up to 90% of LTC, closings in as few as seven days, no payments during the loan term, and no tax returns or bank statements required for loans under half a million. Interest rates range from 6% to 26%. Borrowers must pay a minimum of three months of interest even if they pay off the loan sooner. Typical closing costs are $500 to $1,500, and Groundfloor charges two to four points per loan. All points and fees can be rolled into the loan. Groundfloor typically does not work with inexperienced flippers. Patch of Landoffers loans from $100,000 to $5 million with financing of up to 80% of loan-to-value or up to 70% of after-renovated value, closings in as few as 7 days, and interest rates starting at 7.99%. Borrowers make automatic monthly interest payments on their loans for terms of one to 36 months. Patch of Land only works with experienced developers. AssetAvenue, an online lender based in California, finances loans of $150,000 to $2 million for investment properties in 43 states and says it can close on a rehab loan in as little as 10 days.
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