Here at Navigator Private Capital, we have worked closely with real estate investors from across the region. Since 2016, we have been involved in flips of all sizes from small single-family renos to large multi-family apartment buildings. To date, our loan volume exceeds $27 million with zero loan loss. And between them, our partners have a combined 50 years of experience in the real estate and mortgage lending business.
You could say that we have been around the proverbial block a few times.
We are happy to share the benefit of our experience with our clients. We field calls and emails from potential borrowers everyday asking for advice about their particular project. It occurred to us that if one person has a question about, say, the application process or the best way to put together a Scope of Work, then others may have the same question.
So we created a list of Frequently Asked Questions (FAQ) and added them to our website. You may find them here. Here are just a few of the most common queries:
What is my first step to obtaining a loan with NavCap?
Your first step should be to register on our website. Once you have logged in, you'll have access to all of our loan documentation and can begin the automated application process. On your account page, you will see a list of documents on the right hand side starting with the proof of funds letter. You can generate a proof of funds letter once you have located a property and use it to obtain a contract on that property. It's a non-binding document.
What are your rates?
Our rates are negotiable and are based on many factors including the history of the borrower and the financial strength of each individual deal. We offer competitive market rates in addition to strategic guidance and hands on support throughout the life of each project. Interest rates typically range from 9.99-15% APR.
How long does it take to get a loan?
We have streamlined and automated the loan application process so that borrowers can sign up and upload all documentation right on our website. Once terms have been agreed upon and the loan approved, the duration of the settlement process depends on several factors including which title company is used and how quickly documents are turned around. But, typically, it takes between 12 and 15 days to close on a loan.
What is a Scope of Work, and why do I need one?
When it comes to house flipping, it pays to have a plan. As any successful flipper will tell you, a good Scope of Work (SOW) estimate is critical to the success of any reno project. It establishes the parameters of the renovation from start to finish and, ideally, will provide a detailed timeline and budget. The SOW is a detailed document that describes the repair work that needs to be done to make the house sellable. It should include an overview of the project as well as a line item breakdown of the materials, supplies and labor necessary to complete the job. As a starting point in the process, we have created a sample SOW spreadsheet that is available for free download.
Reach out to us at 443.603.0193 or at info@gonavcap.com to discuss the ins and outs of our flexible financing arrangements. To get the ball rolling, fill out the pre-application on our website or, if you already have the house under contract, go ahead and complete the full application to ensure fast approval.