EquityMax

Category: Mortgage lender in Fort Lauderdale, Florida

Address: 6216 N Federal Hwy, Fort Lauderdale, FL 33308, USA

Phone: +19542679103

Opening hours

Sunday: Closed

Monday: 9AM–5PM

Tuesday: 9AM–5PM

Wednesday: 9AM–5PM

Thursday: 9AM–5PM

Friday: 9AM–5PM

Saturday: Closed

Reviews

Juan Garza

Apr 14, 2022

I don’t have a review yet I’m wondering if you lend to investors in illinois

John Tur

Apr 6, 2022

Been working with this company for last 15 years regularly as an investor and a realtor and quotes, communication and performance on the loans delivering are the best....best service ....thank you guys for all your support

Irene S

May 13, 2021

Trustable joint. I will do business with them over and over again. If you're looking for a reliable customer service this is your place to go

Washy Brown

Mar 15, 2021

Ehhhh communications isn’t the greatest, slow to respond and offer very low amounts on what they will lend. It seems impossible to secure a deal with how slow they move. I’ve seen good reviews about Maria but unfortunately I received a different worker and she’s slow to act. I was so happy to hear they find smaller deals but I’m not going to work with them due to lack of motivation.

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Questions & Answers

Who services my mortgage?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

EquityMax services all mortgages in-house. We do not have third-party companies service our mortgages.

What type of insurance do you require on your loans?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

EquityMax requires only a Fire policy on most properties. We generally do not require Wind, Flood, or Builder's Risk coverage.

Do I need to hold properties in a business entity?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

EquityMax can finance an LLC, Corp., Land Trust, IRA, or Personal Name. The loan must be for bonafide investment purposes and cannot be owner-occupied or for primary/personal use.

Is there a prepayment penalty?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

EquityMax does not charge a prepayment penalty, so long as the borrower makes their payments within the grace period.

Are rates negotiable and/or flexible?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

EquityMax is happy to negotiate based on current market conditions and other competitor offerings.

Does EquityMax require appraisals?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

EquityMax does not require appraisals. Instead, we will have a local Real Estate Broker perform a BPO (Broker Price Opinion). The time for completion and cost are significantly less than a formal appraisal.

Do you provide Proof of Funds letters for investors to submit offers?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

Yes, we do. When a borrower prequalifies with EquityMax, we will provide unlimited Proof of Funds letter with bank statements.

Do you have a minimum credit score requirement?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

While EquityMax does require a copy of a prospective borrower's three-score credit report, we do not have a minimum score require to qualify for a hard money loan.

I do not have a lot of money, however I am really interested in starting to invest in real estate. Can EquityMax still help me?

Philip Stevenson | Sep 14, 2018
EquityMax | Sep 14, 2018

Absolutely. EquityMax will require some money down, but also suggests engaging with partners that may have funds for your investment opportunities. These partner funds can bridge the gap between the money that you have and the money that's needed for your down payment.

How quickly can you close a loan ?

Philip Stevenson | Sep 14, 2018
EquityMax | Sep 14, 2018

EquityMax requires a title commitment and lien search to close any financing transaction. The time frame to obtain these are out of our control. However, once we do receive them from the title company, EquityMax can close within 24 hours. We believe this to be the fastest in the industry.

What kind of properties do you lend on?

Spencer Tobin | Sep 14, 2018
EquityMax | Sep 14, 2018

We lend on all residential properties (single family, condo, townhome, multifamily) and some commercial properties as well.

How long have you been in operation for?

Spencer Tobin | Sep 14, 2018
EquityMax | Sep 14, 2018

EquityMax has been in operation since 1990, helping fund real estate investors for nearly 30 years.

What states do you offer hard money financing in?

Philip Stevenson | Sep 14, 2018
EquityMax | Sep 14, 2018

EquityMax proudly lends throughout Florida and Georgia.

How do I find properties to invest in?

Ana Chavez | Sep 14, 2018
Ana Chavez | Sep 14, 2018

There are multiple avenues in today’s market to find properties. You can hire a local Realtor to source properties, organize mail campaigns, or simply drive around a particular area you’re interested in. EquityMax also markets updated lists of properties for sale, ready for immediate purchase.

Does EquityMax offer non-recourse loans?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

Yes. EquityMax will offer non-recourse loans to self-directed IRA's, Solo 401K's, and other self-directed alternative investment accounts.

Do I need a property to start the process of obtaining a loan?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

No. EquityMax can prequalify you prior to having a property available. Once we have, we can issue you a Proof of Funds letter if you want to start submitting offers to purchase investment real estate.

Can EquityMax help with analyzing a property’s profit potential?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

EquityMax assists all prospective clients on analyzing their particular investment project and its profit potential.

Where does EquityMax get the funds to lend?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

EquityMax strictly lends its own personal, family funds. We do not have outside investors, nor do we carry any bank lines. This leads to quick underwriting and closing timelines for our clients.

I am Loan Originator. How will I be compensated for bringing new deals? Also, what documents should I submit on behalf of my client?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

EquityMax will pay all loan originators on the Settlement Statement at closing. Documents that should be submitted on behalf of a client include the purchase contract (if a purchase), a borrower's recent three-score credit report, and a completed Form 1003.

I currently have a first mortgage, but my property has equity. Can I still obtain a loan from EquityMax?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

Generally, EquityMax does not offer second mortgages. However, if there is a large amount of equity in your property, we may consider it.

Can EquityMax finance multiple properties simultaneously for borrowers?

Ana Chavez | Sep 14, 2018
EquityMax | Sep 14, 2018

Yes, EquityMax will finance multiple properties simultaneously for its borrowers.

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