The first step in our process is to fill out our short-form application on our website. It takes just minutes to complete this brief online form.

After submitting the short-form application, a dedicated Account Executive will reach out to you directly to discuss preliminary terms and funding options.

In the meantime you will also receive a link via email to complete your full application, securely upload all required documents, and sign a credit/background check authorization form. Be prepared to submit the following:

• Two most recent bank statements (Two full months)
  • Be sure the following are present on both statements: Bank name, account number, name (or business name) and address, date range of statement, available balance, list of transactions accompanying statement.
  • If submitting prior to the 30th of the current month, we will allow a screenshot of the current month in order to show current standing of the account. This should be in addition to the prior two full months of statements with aforementioned details included.

• HUD statements from the previous two SOLD rehab properties
• Track record/SREO (short resume or summary of your real estate or business experience)
• Copy of current driver’s license
• Company documents for formed LLC. We specifically require the following:
  • Operating agreement – must be fully executed.
  • SS-4 Form or EIN Assignment letter
  • Articles of Incorporation or formation (depending on state and company type)
  • Certificate of Good Standing (issued by the Secretary of State)
• Purchase Contract (including any assignment agreement(s) and amendment(s))
• Rehab budget (we provide a template)
• Photos of subject property (internal, external, and any accessory dwelling units)

You can expect to hear from one of our dedicated Customer Support Associates who will assist you with completing these steps and answer any technical or process-related questions.

After approval our closing team will contact you via email within 24 hours to provide next steps. This email will contain important instructions, including a request for you to choose/finalize your insurance preference and preferred title company contact. Prompt responses help ensure a smooth and timely closing, so keep an eye on your inbox.

Closing will be held at a title company or attorney’s office. Borrowers bring funds to closing to pay title insurance, property insurance, and any closing costs that exceed the ARV Advance Rate. Borrowers who qualify for closing cost reimbursement will still need to bring funds to closing and normal draw fees do apply to the reimbursement. By only paying fees at closing, you have 100 percent financing for the purchase and rehab of your property; a significant advantage that keeps cash in your pocket to invest elsewhere.

After closing, you will find it quick and easy to manage all your Residential Capital Partner loans using our online Borrower Web Portal. You will receive a welcome email that outlines how to set up your online account, as well as instructions for making payments, viewing your loan balance, requesting repair draws, and more. All loans are filed by property address, so you can manage as many loans as you have with a single login.

When using our Web Portal to submit for a Repair Draw. You will receive a link to Trupic which allows you to take and upload geolocated, time-stamped photos of the improvements. Prior to reimbursement, the Repair Draws must be complete with all invoices and photos of the improvements for which you are requesting reimbursement. 

It is important to note, ResCap charges interest only on the outstanding balance of loan funds that have been drawn by the Borrower.  We do not charge interest on repair budget items that have not been drawn by the Borrower.

When it is time to submit an Interest Payment, you will simply login to our Web Portal to submit payments via ACH.  You may also set up AutoPay for automatic payments via ACH. 

Note: Borrowers will receive their first bill on the 20th of the month. If the 20th has already passed, then you will be billed next month. Your bill will be sent to the email we have on file.

Payments are due by the 1st of each month and a late fee applies if payment is not received by the 10th.

When it is time to payoff your loan, simply email us at payoff@rescappartners.com.

There are no pre-payment penalties on a loan that is paid in full prior to the expiration of the term of the loan.