FAQ | Yalla Funding Solutions

Yallla Funding Solutions Customizable and Creative Funding Solutions

Q: Why do you need to know my credit score if this is a hard or private money loan?

A: It's an easy way for lenders to see if a borrower is financially responsible. Higher scores indicate lower risk, affecting loan terms. Lower scores may lead to higher interest rates and smaller loans.

Q: How fast can you close on a loan?

A: Closing time will depend on the type of loan and the lender. Often we can close loans within 2 weeks and frequently faster if required.

Q: What are recourse and non recourse loans?

A: Recourse loans allow lenders to pursue other assets if the collateral doesn't cover the debt. Non-recourse loans limit lenders to the collateral; they can't go after the borrower's other assets. Recourse loans generally also require a personal guarantee in which case the borrower's personal assets can be foreclosed on if the collateral doesn't satisfy the debt. Typically, larger commercial loans are non-recourse, as are loans for retirement accounts.

Q: What is the minimum FICO score needed to get a loan?

A: No specific minimum credit score is required, though most lenders prefer a score above 660. We offer lending solutions even for distressed credit. Additionally, we can connect you with credit repair services if needed. Yalla Funding Solutions can assist in finding a credit partner to co-sign your loan if needed.

Yalla Funding Solutions FAQ

Q: Are there up front fees?

A: Yalla Funding Solutions does not charge upfront fees. We get paid when you get funded. Occasionally borrowers will need to pay for appraisals or processing up front which is paid directly to the appraisal company or the processor. Larger commercial loans may require a commitment fee, which is explained in the next question.

Q: What is a Commitment Fee.

A: Large commercial loans may require a commitment fee. This fee covers the costs associated with due diligence and preparing documents. Like most things, this fee is negotiable and often refundable if the loan does not go forward. It is usually refunded at closing or applied to closing costs.