What is private lending and how does this differ from a bank loan?
Unlike a bank loan, where a borrower’s personal financials are reviewed extensively for a loan, private lending provides loans to borrowers primarily on the value or income of the property. The rates are typically higher than traditional banks, but loans will close faster with flexible terms to allow investors to profit.
What type of loans does Clion provide and what type of properties?
Clion provides short term loans to purchase or refinance properties (fix & flip, bridge, and new construction), as well as purchase or refinance of long term rental properties (DSCR).
What type of properties are eligible?
The properties must be non-owner occupied and 1-4 family/condo/townhouse/PUDs.
Do I need a business entity to obtain a loan?
Yes, we lend to business entities only for properties in the 48 contiguous United States except AZ, MN, NV, ND, OR, SD, UT, VT.
Are the rates in the pre-qualification, the actual rate of my loan?
Yes, as long as the borrower submitted information is verified, the rate in the pre-qualification will be the rate of the loan.
How long does the loan process take?
Clion’s underwriting process is much faster than traditional private lending companies. We’ve automated much of the process to get loans underwritten in just a few days, not weeks. There are still items that are out of our control such as appraisal, title, etc, but the items in Clion’s control are done extremely quickly.
