Barnett Capital is a direct, private money lender serving residential rehab investors. We lend our own funds from the $1 billion in assets at Barnett Capital.

We approve lines of credit to fix and flip rehab properties as well as buy and hold rental properties. We can also finance cash out loans for borrowers who are seeking funding to capture another opportunity.

We lend nationwide and in Canada.

Our rates, terms, and points are flexible and unique to each project we fund. We can offer an interest rate of 16.99% with no points, or rates as low as 9.99% with points paid up front. Terms are unique to each project and will be discussed individually with the borrower.

We do not have a minimum/maximum loan amount, but rather we have a minimum property values. For fix and flip and new construction, we have a minimum after repair value of $100,000. For as is financing, we have a minimum as is value of $100,000.

As a subsidiary of Barnett Capital Ltd., we have access to over $1 billion under management.

We do not use credit scores to evaluate borrowers. Instead, we consider a potential borrower’s assets to ensure that the borrower can support the loan amount they are requesting.

While we do not look at your FICO score to evaluate your approval, we use the credit and background check to confirm that there is nothing else outstanding that could affect our loan such as recent bankruptcies or judgments.

Typically, if the borrower is located outside of the Chicago area, we require them to have completed at least three successful real estate investment transactions. However, if the borrower has a significant amount of relevant real estate and/or construction experience, there may be some flexibility on this requirement. For Chicago-area investors, we do offer a first-time investors program. Borrowers are dealt with on a case-by-case basis based upon our proximity and ability to play a more integral role in their project.

We evaluate financing on a case-by-case basis and can offer funding up to 100% with sufficient additional collateral. However, in a typical fix and flip deal, we can will lend up to 85% of the projects’ total costs, which includes the purchase price and renovation costs and may also include net purchase closing costs such as attorney fees, property fees, title insurance, recording fees, etc. The outstanding 15% is typically paid by the borrower at closing.

There is no prepayment penalty. We only have a minimum interest and points paid of $3,999.

Interest is charged monthly during the term of the loan, with the principal due at maturity.

We do not charge origination, processing, or underwriting fees. We do require two once-per-borrower deposits, each of which are credited back to the borrower over his or her first three deals. An application deposit of $150 is due after preliminary application approval, and a legal deposit of $1,500 is due after full application approval. Additional costs that the borrower should keep in mind include the cost of the appraisal (varies based on property type/size) and cost of inspection (typically $125 per draw)

We require a first-lien mortgage on the investment property.

After the preliminary application is approved, we can provide a Proof of Funds letter stating that you are preliminarily approved for a certain line of credit.

If all information is submitted completely, we can respond to you within 1 business day under ordinary circumstances.

Alongside our Personal Financial Statement and Property Submission Form, we request that potential borrowers provide documentation to support all their information provided. At the bare minimum, we require a government-issued ID, bank statements, entity documentation, and a credit and background check authorization.

Our typical timeline to close is 1-2 weeks.

No. We use third-party appraisers to value our borrowers’ properties.