Fairmount Funding
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Author: Kaitlyn Short
Fairmount Funding is a nationwide private real estate loan lender for brokers and real estate investors to finance their projects. The company provides fix and flip, bridge, multifamily, construction, and single rental loans with terms ranging from 3 months to 30 years. Compared to traditional bank financing, Fairmount Funding may provide faster and more affordable real estate financing options.
Fairmount Funding is a member of the American Association of Private Lenders™ and is a BiggerPockets® Featured Lender.
The Good
- Variety of Real Estate Loan Types
- Fast Closing Times
- No Upfront Fees
- Free Consultations
Variety of Real Estate Loan Types
Fairmount Funding provides a variety of real estate loan types, including the following:
- Transactional funding — 100% transactional funding for small to midsize real estate wholesalers; same day funding with no upfront fees and no credit checks.
- Fix and flip loans — Rehab loan option for non-owner occupied residential investment properties; no prior experience required and loans amounts ranging from $50,000 to $5 million.
- Multifamily rehab loans — A purchase or refinance loan option for small and middle-market investment properties; 12–24 months, fixed rates, interest only loans.
- Bridge loans — A loan ideal for temporarily holding assets and/or floating the market; minimum credit score of 660 and loan amounts from $75,000 to $2 million.
- New construction loans — Ground-up construction loans for developers and investors building multiple properties at one time; loans available for single family and multi-family properties with amounts ranging from $50,000 to $5 million.
- Single rental loans — Purchase, rate-term refinance, or cash-out of a single rental property; loan amounts from $75,000 to $2 million.
If you’re interested in Fairmount Funding’s services and loan products, you can call and speak with a company representative to discuss best loan options based on your needs; or you can schedule a free consultation on the company’s website.
Fast Closing Times
Fairmount Funding can typically close most loans within 30 days. If you’re in a rush, the process can be expedited for a fee, making the closing time between 7 and 14 days. Compared to other lenders in the industry, the Fairmount Funding closing timeline is fast — the average loan closing time is 30 to 45 days.
No Upfront Fees
Fairmount Funding doesn’t charge any upfront fees for its products and services; however, that doesn’t mean that the company doesn’t charge any fees throughout the funding process. Some common loan fees to look out for include origination fees, application fees, prepayment penalty fees, late fees, and payment processing fees.
Free Consultations
If you’d like to discuss loan options based on your project needs and finances, you can schedule a free consultation on the Fairmount Funding website. You’ll need to provide your personal contact information, after which a company representative will contact you and schedule a time for your consultation.
The Bad
- Minimum Qualifying Credit Score
- Minimum Loan Amount
Minimum Qualifying Credit Score
Fairmount Funding has a minimum credit score of 600 to qualify for most loan options; however, the company does offer no credit score and bridge program options where a qualifying credit score doesn’t apply.
Most lenders have a minimum credit score qualification for loan products, but it’s always important to make note of what a lender's credit score requirements are before pursuing a loan.
Minimum Loan Amount
Fairmount Funding’s minimum loan amount is currently $75,000. It’s important to note that real estate investment loans typically have higher loan amounts than other loan types. Thus, if you’re in need of a smaller funding amount, Fairmount Funding may not be the best choice for you.
The Bottom Line
Fairmount Funding is a private real estate loan lender that provides a variety of loan types to brokers and real estate investors nationwide.
Whether you’re fixing and flipping a home, or you’re a home builder with multiple new construction projects on the go, Fairmount Funding has funding solutions that could benefit you. The lender offers fix and flip, bridge, multifamily, construction, and single rental loans. Eligibility requirements may vary by loan type, but loan terms typically range from 3 months to 30 years and you can secure loans from $75,000 to $2 million, depending on loan type.
It’s important to note that Fairmount Funding has a minimum credit score requirement of 600. However, the lender does provide loan options that don’t require a credit score, such as a bridge program, ensuring that all borrowers have an opportunity to secure funding.
