About Our Process
How do you evaluate a deal?
We evaluate a deal by visiting the property, looking at the scope of work, and comparing it to similar renovated homes that have sold nearby. Typically, we like to stay within a one-mile radius, but this search can be broadened with a unique property or there are no similar comps nearby. We think like an appraiser thinks. If the numbers make sense, the deal makes sense.
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What is your process?
First off, complete an application. Once you are approved and you have a deal for us, we evaluate it just like listed above. If we fund the deal, we'll issue you a proof of funds letter so you can show the wholesaler, agent, or seller you qualify just like having cash. If your offer wins the bid, we'll both sign a loan commitment letter with all of the final terms so that you know you have cash money set aside just for your deal. Before closing, our attorney will review the title binder, contract, and closing docs, and make sure the legalities are taken care of. We do need the seller to sign their closing docs first to ensure that the deal is going to close - yes, we've unfortunately had a few deals that didn't go through after we had wired money. But, our banks are fast and will wire the money to your settlement attorney ASAP. Once you've closed, completed the work for the first phase of your project, and you're ready for your first draw... let us know we will come out and look over the work. If it is a complex or intricate renovation, or we aren't able to go out to the property, we will send an inspector to look it over and there is a $199 fee that you must pay to the inspector. Once the renovation has been approved, we will send you the money by either by an ACH transfer for $5 or a wire for $30. Once your project is completed, we will inspect the work and pay you the final draw. Now it is ready to be listed or refinanced, and you will pay the interest due at closing. No monthly payments!
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How quickly can you close?
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We don't require an appraisal or have rigorous underwriting guidelines like traditional banks do. We need clear title, correct insurance in place, and a deal that makes sense. Kelly B. Capital is cash money!
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Why use hard money?
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Most of the properties we lend on will not pass any type of appraisal guidelines. Renovation financing is still underwritten by a bank and normally takes over 30 days to close, plus there are very few of these types of loans that are offered to investors. So, using cash is often your only option. We will lend you 100% of your renovation costs and the cost of the property. This frees up your cash and allows you to do more deals.
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Why use Kelly B. Capital?
This company was founded by a real estate agent who has been in the business full time since 2005 and has been regularly working with investors since 2016. She also has rental properties and has flipped homes. Kelly brings a wealth of knowledge and experience to the table. Her goal is to see you succeed and have a long and prosperous relationship.
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