Frequently Asked Questions
- How long does it take to close my loan?
- Do you lend outside of Georgia?
- What are your interest rates?
- How much are your lender fees, and when are they paid?
- Does lender fee include closing costs?
- How much are closing costs?
- Do I have to use your attorneys?
- Why am I required to provide a title deposit?
- How much money do I have to put down on a purchase loan?
- Can I pledge other real estate instead of a down payment?
- Do you require an appraisal?
- Do you loan against the After Repaired Value (ARV)?
- Do you offer renovation funds?
- Will you loan against owner occupied properties?
- Do you provide new construction loans?
- How long are your loans?
- Can I renew my loan if I need more time?
- Do you charge prepayment penalties?
- Are brokers protected?
1. How long does it take to close my loan?
Typically we can close your loan in less than 10 days. The actual time required to close is a function of how quickly we receive required information from you and how long it takes to run the title work. We must have clean title in order to fund, so delays are possible if we have to resolve unforeseen title issues. However, a reasonable estimation to close is within 2 weeks of our initial conversation.
2. Do you lend outside of Georgia?
No. We do serve clients who live throughout the United States; however, all of our loans must be secured by real estate within the state of Georgia.
3. What are your interest rates?
Interest rates range from 12-16%. Your interest rate will be determined by the type of loan and the associated risks specific to your loan.
4. How much are your lender fees, and when are they paid?
Lender fees range from 4-6 percentage points of the loan amount with a minimum fee of $3,000. Our lender fee is the ONLY fee we charge. There are no upfront fees, hidden fees, or exit fees, so you can rest assured that the price quoted is what you get. Typically the lender fee is paid at closing, but if there is enough equity in a property we will occasional finance the lender fee as well.
5. Does lender fee include closing costs?
The lender fee includes all of the fees required by Piedmont Capital Lending, but this fee does not include attorney fees and the cost of title work.
6. How much are closing costs?
Closing costs typically range from $1,000 to $2,500 depending on the complexity of the loan.
7. Do I have to use your attorneys?
No, you can use any attorney you like to close the loan or review any and all loan documents. However, we do require that our attorneys draft all loan documents and ensure that the loan closes properly. As a result, it is usually more cost effective to allow our attorneys to close the loan for you and thereby avoid fees from multiple attorneys. At the end of the day, we want you to be completely comfortable at the closing table, so please feel free to include any counsel you deem necessary.
8. Why am I required to provide a title deposit?
In order to complete your loan we must ensure that the property used as collateral has clean title. Unfortunately this is a hard cost that must be paid prior to closing. If we pay the cost of examining title and then our borrower decides not to close, we are still responsible for the title fee. So the deposit is simply protection that we will not be forced to pay for a title exam should you choose not to close your loan. However, this money is only a deposit. When you close your loan with us, we will refund the entire deposit at closing.
9. How much money do I have to put down on a purchase loan?
We will typically finance up to 65% of the “As Is Value”, so as the borrower you will be required to provide the remaining 35% plus closing costs.
10. Can I pledge other real estate instead of a down payment?
Yes. We frequently cross collateralize other properties to reduce or eliminate the amount of money required at closing.
11. Do you require an appraisal?
No. As part of our standard underwriting process, we will perform our own informal appraisal of the property at no charge to you. However, we do welcome any existing appraisals if you have one available.
12. Do you loan against the After Repaired Value (ARV)?
No. We lend against the As Is Value.
13. Do you offer renovation funds?
Yes. Although we do not lend against the ARV, we frequently loan capital for renovation projects. Typically we will lend a certain portion of the renovation funds needed (usually 65%), and depending on the amount of renovation needed, we will structure the disbursement of funds in predetermined draw amounts. We will provide the draws when certain portions of the project are completed.
14. Will you loan against owner occupied properties?
Yes and no. We are strictly a non-consumer lender, which means that proceeds from our loans must be used for business or investment purposes. We cannot finance the purchase of a home for use as a personal residence. However, we can offer cash-out loans secured by an owner occupied property provided that the funds are used for business purposes (i.e. business operating capital, purchase of investment home, etc.).
15. Do you provide new construction loans?
We occasionally provide construction loans, and we determine these loans on a case by case basis. Let us know your specific requirements, and we will try to prepare a package to fit your needs.
16. How long are your loans?
Our typical loan term is between 6-12 months. If you find that you need more time and your account is in good standing, we will typically renew your loan for one additional term.
17. Can I renew my loan if I need more time?
Typically you can renew your loan for one additional term. If your loan is in good standing and you find that you need a little more time then we will be happy to work with you. We strive to be flexible and attentive to your needs.
18. Do you charge prepayment penalties?
No. We will never penalize you for paying off your loan. You can prepay any portion or the entire balance at anytime during your term.
19. Are brokers protected?
All brokers compensated by Piedmont Capital Lending will be paid at closing and will be listed as a broker on the settlement statement.
We are Georgia’s Hard Money Commercial Lender. At Piedmont Capital Lending, we specialize in:
- Direct Private Lending – we are not brokers
- Short-term interest only loans
- Commercial, industrial, apartment/multi-family, retail, and residential properties
- Flexible financing to suit your needs
- No upfront fees
- Loan minimum of $50,000
- GA real estate only
- Broker submission welcome / Brokers protected
Our loans are funded in-house, which means you get your money fast (as little as one week) and at preferred rates. Call us at 678.292.6984, or contact us via email. We lend on property types including:
- Raw Land
- Office Buildings
- And Others