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 Lending, we pride ourselves on speed and efficiency. We can close your fix and flip deal in as little as 1-2 days, ensuring you get the funds you need without delay. These timelines vary by product and are heavily reliant on the investor’s organization and responsiveness.
Our draw process is straightforward. We send you a link to take pictures of the property. Once the necessary documentation is submitted, funds are typically released within 1 business day.
Yes, closing costs can be rolled into the loan, allowing you to manage your cash flow more effectively. However, Ternus does not allow Ternus’ fees to be rolled into the loan.
Our loans range from $50,000 to $500,000, depending on the specific loan product and your qualifications. We also have partnerships with institutional lenders where we can go as high as $10,000,000.
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.
Our coverage is wide, and we are growing. We do not offer loans in Alaska, Arizona, California, Hawaii, Michigan, Minnesota, Nevada, Oregon, Rhode Island, and Vermont.
“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.”
To request an extension, simply contact our customer service team before your loan term expires. We’ll collect some paperwork and evaluate your project. We need you to have a plan. We’ll also inspect the property via a remote text link we’ll send you.
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.
We require proof of funds or liquidity sources to cover project expenses, verified through documentation dated within 60 days of loan origination. We typically look to make sure you have enough cash to pay your payments and pay for the renovations between draws.
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.
While our rates and points are competitive, no, we do not negotiate the rates. 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 property insurance covering at least 100% of the full replacement cost. Additional coverage like general liability, flood, and windstorm insurance may also be necessary.
We lend on 1 – 9 unit residential properties. Ineligible properties include commercial, manufactured homes, raw land, and rural properties.
Our customer service team can be reached via phone at (214) 471-5557 or through our online contact form on the Ternus Lending 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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Expand your real estate empire. Ternus Lending is here to support your growth every step of the way, offering personalized solutions that align with your long-term investment goals.