Loan Programs

How do I apply for a loan?

Please visit, https://fidusfi.com and click on the “GET STARTED” option which takes you to our 3-minute loan application or directly at https://fidusfi.com/loanapp.

What are your interest rates at?

Interest rates do fluctuate due to market conditions and borrower credit worthiness. As of February 2024 our short term bridge loan rates range from 10.999-13.999%

What documents do I need to provide to get a loan?

Please vist our loans page at https://fidusfi.com/loans for a list of documents needed. The documents can be uploaded to our secure portal or emailed to processing@fidusfi.com.

How long does it take you to close a loan?

Short-term loans can close as fast as 24 hours from the time of application. Simply complete all of the checklist items and submit everything to processing@fidusfi.com or upload it into your loan portal. Long-term loans must have a 3rd party valuation completed and Borrowers should plan to have at least 21 days to close.'

Can I choose my own title company?

Yes. If you do not have one, we can assist you with a competitively priced title company near you.

Do you run a credit check?

Yes. The majority of the time we only run soft pulls, which won’t show up as an inquiry and negatively impact your credit score.

Do you run a hard credit pull?

Not often, in most cases we only utilize a soft pull.

Do you need to run credit and background checks on all members of our business entity?

FidusFi requires credit and background checks on members of the business entity that own 25% or more of the business entity.

Do you offer second mortgages or gap funding/financing?

No, FidusFi does not offer any secondary financing or gap funding and only finances loans in the first position.

Can I have a bankruptcy on my credit report?

Borrowers with discharged bankruptcies and verifiable documentation that are more than 3 years from the date of the application without active judgments or liens may be eligible for financing from FidusFi. If you have a specific scenario, you would like us to review please call our office at (407)634-6775 to speak with a licensed loan officer.

How much experience do I need and is there a minimum experience requirement to get a loan?

Ideally at least 1 deal experience but we can make exceptions based on other credit worthiness factors. Borrowers with experience can get more favorable loan terms. if you have a specific scenario, you would like us to review please call our office at (407)634-6775 to speak with a licensed loan officer.

What is your minimum credit score requirement?

We require a minimum credit score of 650.

Can I choose which title company we close with?

Yes. Simply provide us the title company name, and agent’s contact: full name, phone and email address and we will work on this item for the file.

Do I have to email bank statements?

No. We can use a secure service called AccountChek. AccountChek verifies the authenticity of your accounts and provides reports for mortgage lenders and borrowers.

Is the appraisal deposit refundable?

All deposits and/or remaining balances may be credited or debited at closing at Lender discretion. Rush fees and deposits are typically not refundable, but at Lender discretion, unused deposit funds may be returned to the Client subject to a $50 processing fee per item for loans not closed. In the event a loan is not closed any remaining fees for services rendered will be invoiced to Client.

Is a survey required?

Typically, yes, but it is up to Lender discretion.

Do you offer a pre-approval letter?

Yes, FidusFi offers pre-approval letters. Please visit our loan application page at https://fidusfi.com/loanapp

Can I electronically sign the loan documents?

All closing documents require wet signature (signed with pen and paper in front of a U.S. notary). In the future, online remote notarization may be more widely accepted within our industry and FidusFi will be an early adopter of such technology to make it more convenient for our borrowers.

Do you offer 30-year loans?

Yes. We offer fixed 30 year loans as well as variable rate loans for rental properties only (non-owner occupied).

Do you offer non-recourse loans?

Yes, FidusFi offers non-recourse loans.

Do I need a business entity to get a loan?

Yes, FidusFi requires all loans to be made to a business entity.

What is the mininum down payment required?

The minimum down payment required is 10% for fix and flip loans, and 20% for long term rental loans.

Can I use line of credit funds for liquidity verification?

Yes. We will require account statements from the line of credit account.

Can I use cash from a private investor?

Yes, we may request a gift letter and a bank statement from the private investor.

Do you finance commercial property, land or land development?

Yes, FidusFi finances commercial property, land or land development.

Do you finance mobile homes or storage units?

Generally, no, but we’re happy to look at your scenario and see if we can help.

Do you finance personal property or other assets?

No, in general FidusFi does not finance any loans outside of real estate. we specialize in fix and flip, rental, and new construction loans.

Can you finance multiple properties in one loan?

Yes, FidusFi has options to cross-collateralize or offer a portfolio loan.

Can I refinance a portfolio of rental properties?

Yes, FidusFi has loan options to handle a rental portfolio.

Is there a seasoning requirement for my cash or my entity?

No, there is no seasoning requirement for your cash or your entity.

Is there a seasoning requirement to refinance my property?

There is typically a 3-6 month seasoning requirement to refinance your property.

Do you lend to felons?

Financial, Violent, and Fraud-related crimes will preclude borrowers from financing eligibility. If you have a specific scenario, you would like us to review please call or our office at (407)634-6775 to speak with a licensed loan officer.

Do you lend to foreign nationals?

Yes, FidusFi have done loans for foreign nationals.

In which states does FidusFi provide lending?

FidusFi lends in the following states: AL, AR, CO, FL, GA, IL, IN, KS, KY, MI, MO, MS, OH, OK, PA, PR, SC, TN, TX, and VA.

What is interest charged on my full loan amount when I have not used the rehab/escrow funds?

What is your minimum loan amount?

While we do not have a minimum loan amount, our minimum origination charge is $2,999 and our minimum processing charge is $499.

What is your maximum loan amount?

Our maximum loan amount is $10,000,000.00 for small balance commercial properties and we will consider loans over $3,000,000.00 for residential properties on an exception basis.

How much are the fees for a loan?

Origination fees are based on the complexity of the file, the difficulty of the underwrite, the size of the loan, the experience and creditworthiness of the borrower and guarantor. Our origination minimum is $2,999 and generally priced from 1.999-2.999%.

Do you lend on multifamily?

Yes, we finance 5-30 unit properties often up to 85% of purchase and 100% of rehab for experienced borrowers. Properties over 30 units may be considered.

Can I close without an appraisal?

We can close BEFORE an appraisal is received, yes, but we do always order an appraisal or a 3rd party valuation. For rehabs, bridge loans and new construction projects, FidusFi does our own valuations on every loan so that we can close faster than ANY lender in the U.S. For long term financing we do need the appraisal back prior to closing.

Invest with FidusFi

How can I become an investor with FidusFi or a FidusFi Fund?

FidusFi offers investment opportunities through their Investor Portal. They have different investment programs such as Promissory Notes and Borrower Dependent Notes. The minimum investment amount is $50,000 The target return ranges from 8.00% to 10.33% APY for Promissory Notes and 12.00% APY for Borrower Dependent Notes. The term of the investment can be 12, 24, or 36 months for Promissory Notes and 24 months for Borrower Dependent Notes. Distributions can be received quarterly or reinvested. FidusFi provides a secure online portal for investors to have full transparency and access to their investment information.

Can I invest in your fund and where can I get more information?

Accredited Investors as defined by the Securites and Exchange Commission are eligible to invest in Fidus Fund I, LLC, a 506C Rule D registered fund. Investors may request access online anytime at fidusfi.com/invest to review the offering memorandum and other fund documents.

About FidusFi

How long has FidusFi been in business?

FidusFi has been in business since 2018 and our principals have been financing investment properties full time since 2009. They have done over $300 Million in direct origination mostly across the Southeast and Midwest markets.

Post Closing

How do I request a draw?

How do I request a payoff?

How do I order a draw from your construction portal?

https://www.youtube.com/watch?v=qZPW3oIOfM8

What is the minimum draw amount?

The minimum draw amount is $5,000.

Is interest based on the amount drawn or the total loan amount?

Non-Dutch loans calculate interest based on funds advanced where a Dutch interest loan collects interest on the full loan amount. This would be on your Note.

Why do I not get all of my soft costs at my first draw?

How do I obtain a Verification of Mortgage?

Please contact FCI Customer Service toll free at (800) 931-2424 x651
or email help@myfci.com. There is a $25 fee.

How do I pay my monthly interest payment?

What are my options if my loan is maturing?

How much do you hold back if my permit is not passed?

If the permit inspection is not passed, but the work is done, there will be a 25% holdback until the permit inspection is passed.

Do you fund partial draws?

Yes, a draw can be funded partially on a % completed basis depending on if there is a permit inspection associated with that line item. (f/e, Mechanical, electrical, and plumbing will have more of a holdback if partially completed and no permit inspection passed for the rough-in or final inspection).

What do I need for the final draw?

The final draw requires a certificate of occupancy, a final inspection with work 100% completed, and a final lien waiver signed. One lien waiver if no contractor (mainly for fix and flip loans).

Do I pay the full loan amount off even if I do not use all of the escrow funds?

No, you only pay off funds advanced to you throughout the span of the loan. This is a non-dutch loan. However, if a dutch loan, interest is charged on the full loan amount.

Who is the servicer for my loan?

FCI is the servicer for your loan and can be reached at:
FCI Lender Services, Inc. dba FCI
8180 E. Kaiser Blvd Anaheim Hills, CA 92808
Toll Free Main Line: (800)931-2424, Phone: (714)282-2424

Can I request a change order in the draw process?

Can I pay off my loan early? If so, do you charge a prepayment penalty?

Yes, your Note can be paid off early. Please review your Note for the prepayment penalty terms.

What happens if I need more time to pay back the loan?

Please email servicing@fidusfi.com and or complete our maturing loan form at https://fidusfi.formstack.com/forms/maturing_loan and we will review your options.

Do I need a foundation survey for my new construction loan?

Yes, this is required. If not on file at the time of the concrete slab draw request, we will hold funds back on the slab line item.

How long does it take for a draw request to fund after submission?

Typically, within 3-5 business days depending on the inspection turnaround time. This can be less if the inspection turnaround time is very fast.

How long does the inspection turnaround time take?

This will depend on the municipality and availability for access, if applicable, typically this will be 1-3 business days.

Are the draw funds sent via Wire or ACH?

Draw funds are sent via Wire, unless requested and approved otherwise.

Can you send draws to a different bank account than my entity account?

No, all draws are to be disbursed to your business entity account on file and verified with Fidusfi.

When my loan pays off, do you draft a satisfaction of mortgage?

Yes, if serviced with FCI, they will procude and record a satisfaction of mortgage. If serviced directly with Fidusfi, we will produce and record the satisfaction of mortgage.

How long does it take for the satisfaction of mortgage to be completed and recorded?

This is Dependent on the state, it will be recorded within state regulated guidelines.

What happens if I pay my loan off and it is higher than the payoff amount?

FCI will credit back any overcharge directly to you normally with a check to your business entity address on file.

Are there late fees if I do not pay my monthly interest payment in time.

Yes, there are late fees if you do not pay your monthly interest payment in time. Please review your Note for the late fee terms.

Are there other fees to pay off my loan?

Insurance Requirements

What are your insurance requirements?

Generally, for loans under $1 Million, FidusFi requires $1 Million of commercial liability coverage per occurrence and $2 Million aggregate liability coverage for single-asset loans that involve construction or renovation. The term of the policy must match the length of the loan. For example, if the loan is 12 months, we do not accept a 6-month insurance policy, it must be 12 months. For turnkey property financing, we require a minimum of $500,000 of liability coverage. Properties must be insured for flood coverage if they are in a flood zone as determined by FEMA and our 3rd party flood certificates. Hazard insurance is required with Wind, Hail, and Named Storm coverage in all states that we lend in and must be in the greatest amount of our loan amount, $160 per heated square foot, or a loan-specific agreed value set by FidusFi underwriters. When a loan enters processing a FidusFi loan analyst will send you and your agent our specific requirements. If you do not have an insurance agent and would like FidusFi to provide you with a quote through insurance companies we work with regularly, we can do this for you. It is not required to work with companies recommended by FidusFi for your property insurance so long as our insurance requirements are met. We require a special form, replacement cost or agreed value, and amount of no co-insurance. The policy must allow for Vacancy if the property is not occupied. Maximum $5,000 AOP Deductible. Maximum 5% Wind/Hail Deductible. Rehab loans, policy must allow for structural renovations. A licensed and insured contractor should be on the project. Payment of premium must be paid EITHER prior to the time of closing or via invoice at the time of closing. Insurers must meet the following: A.M. Best A / VII Rating or Better. To meet our credit policy, the insurer must be licensed to do business in the State in which the property is located. Our mortgagee clause is required to be listed on the policy, which is: First Mortgagee, Lenders Loss Payable, and Additional Insured to be listed as follows: FidusFi, LLC Its Successors and/or Assigns, C/O OSC PO BOX 200053 Kennesaw, GA 30156-9246 Loan no: _______

Can I choose which insurance company I use?

Feel free to email us your agent’s contact info or have us assist with a known agent. For loans with particular insurance requirements, we will typically copy you on an email requesting a quote per our requirements.

What happens if my insurance expires, and I do not renew it?

Fidusfi has requirements to have insurance active at all times. They also have a 3rd party insurance tracking company, OSC, that will force place insurance after a certain period after your policy expires.

How long do I need to renew my insurance if it expires?

Depending on if you have a long extension, you will need to renew it for a minimum of 3 months. If you have a loan extension it needs to be for the length of the extension.