FAQs
How much do you charge?
Our fees vary on each loan. Variables depend on loan type, location, and the term of the loan.
Can I borrow money for use on my primary residence?
No, we are able to lend money for investment purposes only.
Why would I come to you instead of my bank?
MCL can reduce your initial out of pocket expenses through our funding of acquisition and renovation costs. We can provide funding even when the bank cannot (e.g. credit qualification, time to close, etc.) And most importantly we can provide funding FAST, closing in as little as 24 hours when provided with the required information.
What is the difference between a construction loan and a bridge loan?
At MCL Private Lending we offer 3 loan classifications: Bridge, Construction, and Transactional.
Bridge Loans are loans WITHOUT draws.
Construction Loans are loans that have a draw feature, enabling the borrower to submit draw requests for renovation costs on the property.
Transactional Loans are loans that are paid off within 24 hours of closing. Fees for Transactional Loans are charged through Origination Points.
Where do you lend?
We lend in the greater Middle Tennessee area.
How does your draw process work?
If you have a Construction Loan you will have available draws for renovation costs on the property. You will initially be required to submit a renovation timeline for approval. To access your draws, submit all draw requests via email to : Draws@mcl-pl.com. Your draw must include updated photos of the property and the most recent renovations that have been completed. The draw request will then be reviewed and once approved your funds will be dispersed.
How we calculate interest
Interest = (Current Loan Balance x 15%) divided by 360
What is hard money
Simply put, hard money can be defined as a short term loan used for investment purposes
What kind of loans do you offer?
At MCL Private Lending we offer 3 loan classifications: Bridge, Construction, and Transactional. Our loans are 6-month terms or less.
- Bridge Loans are loans WITHOUT draws. These loans “bridge” the gap between closing dates or refinances.
- Construction Loans are loans that have a draw feature, enabling the borrower to submit draw requests for renovation costs on the property.
- Transactional Loans are loans that are paid off within 24 hours of closing. Fees for Transactional Loans are charged through Origination Points.
What types of properties do you fund?
We fund investments properties only, offering short term financing for bridge, renovation, and transactional properties.
What loan terms can you offer?
1 day to 6 months
How fast can you close?
FAST! Within 24 hours when provided with required information.