How a LendRock loan works, start to finish.
Every step, who does it, how long it takes, and what it costs you to find out. That last one is nothing.
- 1 · The three phases →
- 2 · What you'll need to send →
- 3 · How the money gets to closing →
- 4 · What happens after you apply →
- 5 · What slows a deal down →
This page is long on purpose.
Apply, term sheet, close
Three screens: the deal, how to reach you, and enough detail to price it. No documents and no credit pull.
Read it the same day and pull the public property record before we call, so the call is about the deal and not the address.
Nothing touches your credit at this stage, and any fee is quoted to you before you commit to anything.
Take a ten-minute call, answer questions about the deal, and send the purchase contract if you have one.
Underwrite in-house, decide whether we fund it directly or place it, commit the capital, then issue written terms with every fee on them.
A written term sheet, not a verbal quote. Non-binding on you.
Sign the terms, send the checklist, and name your closing attorney if you already have one.
Order valuation and title, prepare loan documents, coordinate with the attorney, and wire on closing day.
Appraiser, title company, closing attorney, insurance agent. All billed at cost, all named before you sign.
What you'll need to send
Download as PDF →Three things, and two of them are optional.
- The address and the numbers
- Purchase contract, if you have one
- Rehab budget or business financials — rough is fine
The real list. Most of it you already have.
- Entity documents — articles, operating agreement, EIN
- Photo ID for each guarantor
- Two months of bank statements
- Executed purchase contract
- Insurance binder — we'll send the coverage requirements
- Scope of work with line-item budget
So you know what you aren't chasing.
- Valuation or BPO — $450 to $800, paid at closing
- Title search and lender's policy
- Entity and lien searches
- Loan documents
Third-party costs are passed through at cost. Nothing is marked up.
How the money gets to closing
We underwrite every deal ourselves. Some we fund off our own balance sheet, some we place with one lender whose criteria we know. The capital is committed before terms are issued, which is the part most lenders leave vague.
In-house, one person, in this order: the exit, the property, then you.
Our own funds, or one lender from the network whose box this deal fits.
Only once the capital is committed. You never hold terms we can't fund.
Wired on closing day. Servicing stays with us and so does the phone number.
The valuation comes in materially below your number. Title turns up something that has to be cleared. The scope of work grows past the budget we priced. Or something material about you or the entity that we didn't know when we issued terms.
The published fee schedule. The person you're dealing with. And the fact that walking away before closing costs you nothing beyond third-party work already ordered.
What happens after you apply
A confirmation email from wade@lendrockcapital.com with a copy of what you sent. If it doesn't arrive, check spam, then call.
A call from (803) 555-0142. Ten minutes, mostly about your exit and your contractor.
A written term sheet, or a straight no with the reason. Both arrive in writing.
The checklist goes out, valuation and title are ordered that day, and we set a target closing date you can give your seller.
You get the reason in plain words, whether it's fixable, and a referral if someone else is a better fit. We'll take the call again on your next deal.
What slows a deal down
Everyone advertises ten days. Here is what actually gets in the way.
The single most common delay, and the most fixable. Form the LLC and get your agent a heads-up before you sign terms.
Roughly one deal in five turns something up. Usually adds three to nine days, occasionally more if there's an heir involved.
A budget that grows after terms are issued means a re-underwrite. Send us the real scope the first time, even if it's ugly.
Our fastest closes are the ones where the entity exists and the insurance is lined up before terms are signed. That's it. That's the trick.
You've read the whole process. The two-minute version is here.
Timelines described here are typical, not guaranteed. Third-party work is billed at cost.