Common Questions, Direct Answers
Common questions about Ternus loan products, eligibility, underwriting, draws, and timelines. Don’t see what you’re looking for? Talk to a loan officer.
Frequently Asked Questions
At Ternus, we pride ourselves on speed and efficiency, and we give you fast, clear answers. Timelines depend on your file, and once a loan reaches final approval we work to close on your timeline. Every timeline is subject to underwriting and final approval. Actual timelines vary by product and are heavily dependent on the investor’s organization and responsiveness.
On a QuickTern or Bridge purchase, closing costs (at least 1% of the loan) are part of the cash you bring to closing. On a refinance, loan proceeds above the payoff pay closing costs first. Ternus does not allow Ternus’ fees to be rolled into the loan.
QuickTern and Bridge loans range from $50,000 to $1,000,000, depending on your qualifications. Loans above $500,000 need a 660 credit score, a borrower-paid AMC appraisal and a budget review; with them, QuickTern loans price 1.00% and 1.0 point below the standard grid, never below 10.0% and 1.0 point. Without them, the loan is capped at $500,000. Other programs have their own loan ranges.
No, we do not lend on mobile homes, RV parks, or manufactured homes. We focus on site-built residential properties that are being used as real estate investment properties. We never loan money to owner-occupants or individuals.
Ternus lends in 39 states. We do not lend in Alaska, Arizona, California, Hawaii, Minnesota, Nevada, North Dakota, Oregon, South Dakota, Utah, Vermont or D.C. QuickTern and Bridge loans are also not available in Baltimore City, Baltimore County or Philadelphia, and the property’s county must have at least 100,000 people, or border a county that does and pass our small-county tests (a Home Depot within 50 driving miles, a paved public street, working utilities, and our size and acreage limits).
“There is good, there is cheap, and there is fast. You can only pick two, and we’re always good. Give us a call at (972) 755-1880 to see what we can do for your situation.”
Extensions are not part of the loan terms and are never assured; any request is reviewed case by case by the holder of your loan.
Payment schedules vary by loan product. Typically, your first payment is due on the first day of the month following the month you close. Always be sure to read your loan documents carefully.
For a QuickTern purchase, you show verified cash for the down payment, closing costs (at least 1% of the loan), six months of interest, 10% of the renovation budget, and any scope above the approved budget. For a Bridge purchase, you show the down payment, closing costs and six months of interest. Documentation must be dated within 60 days of loan origination.
To request a payoff amount, please contact our customer service team with your loan details, and we will provide the necessary information promptly. Look for the link that says draws and payoffs.
Our rates and points follow a published grid, set by your experience and loan size. QuickTern fix and flip loans: 12.9% and 3.0 points with 0 to 3 completed projects in the last 36 months, 11.9% and 2.0 points with 4 to 9, and 10.9% and 1.5 points with 10 or more; loans under $100,000 add 1.00% to the rate. We have investors to provide a return to, and in return, we provide fast, dependable capital that is consistent.
Payments can be made through our online portal, via bank transfer, or by mailing a check. Detailed instructions are provided upon loan disbursement. Please contact our customer service team for more information.
No. Appraisal fees are due prior to the appraisal being conducted.
Our loan valuation is based on the as-is value and the projected as-repaired value. While repairs are considered, not all may qualify for immediate credit in the loan amount.
We require hazard coverage of at least the lesser of replacement cost or the loan amount, with 12 months of premium paid at or before closing. Additional coverage like general liability, flood, and windstorm insurance may also be necessary.
QuickTern and Bridge loans cover single-family, 2–4 unit, fee-simple townhome, PUD and modular properties (at least 800 sq ft, or 500 per unit). Ineligible properties include condos, co-ops, buildings of five or more units, commercial and mixed-use properties, manufactured homes, raw land, lots over one acre, and leasehold interests. Other programs have their own property rules.
Our customer service team can be reached via phone at (972) 755-1880 or through our online contact form on the Ternus website.
Required documentation includes proof of funds, property valuation reports, project plans, and borrower identification. Specific requirements may vary based on the loan product.
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