1. What are the cost to see if I qualify for a loan from Relative?
Answer: You will never pay a dime to Relative Lending unless you get the loan.
2. Does Relative Lending Charge a prepayment a penalty?
Answer: No, Relative Lending never charges a penalty for paying off a loan before the maturity.
3. What happens in a year if we need more time to complete our business and our loan is maturing with Relative Lending?
Answer: While our loans usually mature in 1 year, we will consider extending the note for a year for an additional 3 points. If a customer needs just a little more time we will usually extend the note for 1 point for a 3 month extension. Relative will only extend loans for customers with excellent pay history the first year.
4. Does Relative Lending require surveys?
Answer: Yes. Long Answer: Existing surveys are often acceptable. Title companies require surveys in order to provide title insurance to lenders for possible encumbrances on title due to encroachments, boundary issues, easements, etc. Surveys also provide confirmation that the physical address and legal description represent the same property. Surveys protect both the borrower and lender.
5. What property types does Relative Lending loan?
Answer: Relative Lending makes loans on all property types with the exception of owner-occupied primary residences.
6. Do we have to maintain property insurance for the loan amount?
Answer: Insurance is required for all property with structures. We take into consideration the value of the land and we do require you to insure the land. A Flood Certificate will determine whether Flood Insurance is needed.
7. Where does Relative do business?
Answer: Relative Lending makes loans on Real Property in the Greater Houston and Austin Metropolitan Areas.
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