410-855-4600

Here at Pimlico Capital we have a few loan programs to get you started.

Learn more about what Pimlico Capital can do for you. Choose a loan type or read our FAQs by selecting a menu item below.

Fix & Flip

When it comes to flipping properties, the traditional route can be difficult and slow. With Pimlico, the experience is different. We believe in simple and straight forward loans, such as our Fix & Flip loan, which gives you an “all in one” program to help you acquire, rehab and quickly sell a property.

With our Fix & Flip loans, you’ll not only receive acquisition funds, you’ll also have access to construction funds for the approved construction budget. We understand your need to finish the project and get the property back on the market quickly. With our streamlined online draw request process, you’ll receive the funds for your draws quickly.

Loan Requirements

  • For Individuals and Business Entities
  • Maximum LTV 70% (Finished Value)
  • Minimum Down Payment 10%
  • Personal Guaranty

Standard Loan Terms

  • Interest Rates Starting at 7.99%
  • $0 Processing Fee
  • $0 Underwriting Fee
  • 6 – 24 Months Loan Terms

Rentals

Pimlico offers an innovative loan program for those looking to build a rental portfolio. Our rental program is designed to allow an investor to buy, renovate and refinance your property quickly, so you can move on to the next project.

With our rental loan program, you can either close quickly on a property that is rent-ready, or if the house needs some work, you can borrow construction funds as well.​ Our standard rental program is for 6-12 months, which is generally ample time to complete the refinance process. Once a lease in signed with a tenant, we can also refinance the loan into a 30-year mortgage through our sister company Pimlico Refinance.

Loan Requirements

  • For Individuals and Business Entities
  • Maximum LTV 70% (Finished Value)
  • Minimum Down Payment 10%-15% of purchased price
  • Personal Guaranty

Standard Loan Terms

  • Interest Rates Starting at 7.99%
  • $0 Processing Fee
  • $0 Underwriting Fee
  • 6 – 24 Months Loan Terms

Bridge Loan

Convenient and fast, a bridge loan from Pimlico can keep you from missing out on an opportunity when a traditional loan can’t be processed in a timely fashion. If you need to sell a property faster than the market will bear or need to buy out a partner quickly, a Pimlico bridge loan is the right solution for you.

If you have a viable exit strategy that is short-term—within 12 months of the funding of the loan—Pimlico’s standard bridge loan is an excellent loan product to consider. This loan must be securitized in first lien position on either residential, multi-family, commercial real estate or land. Your bridge loan can be used for (1) purchase transactions, (2) refinance transactions or (3) cash out transactions.

Loan Requirements

  • For Individuals and Business Entities
  • Maximum LTV 70% (50% for raw land)
  • Viable exit strategy in place
  • Personal Guaranty

Standard Loan Terms

  • Interest Rates Starting at 7.99%
  • 2-3 Origination Points
  • $0 Processing Fee
  • 12 Months (Extensions Available)

Commercial

The commercial construction loan is designed specifically for larger projects and ground-up development. Our simple process facilitates quick approval of your plans, specs, and budgets, so you can get to building as soon as possible. Additionally, we can start funding a project once the land or building is purchased.

Because even the best construction plans sometimes require changes, Pimlico’s terms allow for weekly construction holdback draws and can be structured to finance up to 100% of construction costs (subject to approval). There are no surprises with Pimlico.

Loan Requirements

  • For Individuals and Business Entities
  • Maximum LTV 65% (Finished Value)
  • Minimum Down Payment: 10% of Construction Costs
  • Personal Guaranty

Standard Loan Terms

  • Interest Rates Starting at 7.99%
  • 2-4 Origination Points
  • $0 Processing Fee
  • 12 Months (Extensions Available)

FAQs

We get it – loans can be complicated. Here are some frequently asked questions we’ve listed in case you’re stuck.
How do I submit my loan application?

It’s easy. After filling in our online loan application, just click on the “submit” button at the bottom of the page, and we’ve received it! If you have any questions, you can email us at info@pimlicogroup.com, or call us at (410)-855-4600.

Will you roll third-party closing costs into the loan?

No, you will need to have cash available for 3rd party closing costs (title insurance, closing fees, etc.).

What is the difference between the pre-approval and the term-sheet?

For a pre-approval, we will perform a high-level evaluation of your financial estimates for the project (purchase/acquisition cost, rehab budget, after repair value), and your level of experience. If we believe there is a reasonable likelihood that we would make a loan based on the information provided, we will inform you that you are pre-approved. A pre-approval is not a guarantee that the loan will be approved or made.

For a term-sheet you provide more details regarding the project and your experience. We more carefully review the borrowers and project. We evaluate the current and after repair value of the property and closely review the expected repair/rehab costs. Prior to making a decision on a loan commitment we typically do a property walk through with one of the borrow

What happens after I submit my loan application?

After we receive your hard money loan application, it will immediately go into processing. We will contact you via phone or email to discuss the remaining loan process and answer any questions you may have..

Can I use seller financing in conjunction with a pimlico loan?

As a hard money lender, we will only make loans as the first lien holder on a property. In certain situations, we will allow for a second lien on the property resulting from seller financing. Many investors will utilize these funds for 3rd party closing costs (title insurance, closing fees), holding costs (insurance, taxes, utilities), property maintenance and cleaning expenses, staging expenses, cost overruns, other expected or unexpected expenses and rehab labor and material expenses (until you receive rehab draws, if you have a rehab draw account).

Am I charged interest on the rehab funds before I draw them?
If the hard money loan includes a funds borrowed from us held in a rehab account, then such funds are part of the loan and interest is charged to the borrowers from the date of origination of the loan. This is because as soon as we originate your loan we set aside the full amount of your rehab budget in an account ready for disbursement. When the money is in the rehab account we cannot loan this money to any other borrowers. 
What type of insurance do I have to carry?

At closing, we will require a one year, paid in advance, Builders’ Risk certificate of insurance with a vacancy clause. Also, flood insurance may be required depending upon the location of the property.

Why are your rates lower than the standard 4 point and 13% interest?
  • We only work with experienced real estate investors, which lowers our risk.
  • We are working with one source for funds, so we are the final decision makers and do not need to consult with or comply with anyone else in making our lending decisions, restrictions and rules. We don’t have to promise outside investors higher rates of return.
  • We have low overhead.
  • We don’t use or charge for third party appraisals.
  • We underwrite in-house and don’t need to spend resources communicating back and forth with other parties.
What is your method of transferring money for rehab draws?

We typically disburse funds by ACH transfer or wire. However, we can also bring a check with us to the construction inspection and provide funds immediately.

Still Have Questions?

Reach out and a member of our team will get back to you ASAP.

Copyright © 2019 | Pimlico Capital | All Rights Reserved.

Contact

410-855-4600

info@pimlicogroup.com

15 Walker Ave, Suite 106 Baltimore, MD 21208

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