Our application takes less than a minute to complete. We respond quickly, discuss the project, and give you a proposal within 48 hours. We can fund loans in as few as 3 business days.
We know the DC Metro area because we live and work here too. Decisions about your project are made locally by people who understand the market. Chances are we’ve already funded a renovation in your neighborhood.
Our loan approval process is streamlined to get your project off the ground with as little time, effort and paperwork as possible.
Apply Now to Get Your Project Off the Ground!
Our streamlined loan approval process is fast and easy, and we will help you every step of the way – with the loan process, at the closing table, and all the way to the day you sell or refinance your property and start your next project!
Submit the form online and we will get back to you quickly. Our normal response time is within minutes or hours, not days.
After getting more details about the property, your renovation history, and your available equity, we assess the deal. We will then send you a term sheet with our proposed loan amount, rate and terms.
Term sheet and deposit
After you sign and return the term sheet with a small commitment fee, we will order a home appraisal for the property.
Depending on your project and profile, we will ask you to submit some supporting documents. These may include: copies of the sales contract, your corporate documents (if buying as an LLC or organization), and a construction budget and schedule.We also require builder’s risk insurance to protect you and us against any accidents at the job site.
We will work with you to create a draw schedule, which determines when you will receive the draws or loan installments during the construction process.
Loan closing and disbursement
We will help you choose a settlement company and get all necessary documents to closing. At closing, you will receive your first loan payment which you will use to buy or refinance your property and get started on your renovations.
At the designated draw schedule milestones, we will inspect the property and you will receive your loan draw payments so you can continue and complete construction.
Sell or refinance
Sell or refinance your property within the loan term and pay back the loan with your proceeds. Then repeat the process on your next deal!
A short-term interest-only loan that is secured by the value of the property rather than the borrower. Real estate investors commonly use these types of loans to fund their projects because they are easier and faster to obtain than bank loans.
Loan to value is the amount of money borrowed compared to the cost, or value, of the property. After renovation value is an estimated value of a property after renovations. Walnut Street Finance will typically lend up to 75% ARV for a project, depending on the property and the borrower.
Currently, we lend in DC, VA, MD and DE.
Each deal is different and but we generally require a personal financial statement, proof of income and property information.
We can be prepared to close in a matter of days.
Hard money lenders loan money based primarily on the value of the property. We do consider borrower credit history and experience, but our loan programs are flexible enough to work with all borrowers who have a decent deal and borrower profile.
Yes, you can roll points and other closing costs into the loan.
No, we can only fund projects that are non-owner occupied.
Yes. Sometimes projects have permit or construction delays and take more time than anticipated. We can extend the term of the loan if necessary.