Check out the provided resources for our broker program. We’ve designed this to prepare you and your team to capitalize on loan opportunities.
For Questions Contact:
Broker Team: brokers@LendSimpli.com
Direct Email: firstname.lastname@example.org
Welcome to the LendSimpli Broker onboarding.
At this point, you have already spoken with a member of our Broker Team.
To review and sign the referral agreement click the button below.
Click the button to download the current broker white label packet. We have removed the LendSimpli branding to allow for distribution to your clients.
If you would like your brand colors and logo on the materials please copy the template below, enter in your company’s information and send it to email@example.com. Attached your logo to the email and our team will provide you with branded materials.
Primary color Hex code: #000000
Secondary color Hex code: #FFFFFF
We prioritize our broker quotes in order to provide quick turnaround times. Our goal is to provide our brokers a quote based upon the provided information within 60 minutes of receiving in our Broker Team inbox.
To submit a quote, you may access your broker portal by clicking the button below. If you have not created an account in the past, you can easily register in three clicks.
You can also go to our website and click any of the buttons showing “See Your Rate”.
**If you choose to submit directly on the website, be sure you click the “I am a broker” button to ensure you receive a priority quote.**
To start a new loan application you must create a portal to submit documents. Click the button below. When you submit you will receive an email. Make sure you keep the email as it will be the link to this specific loan portal.
If you prefer to start the loan outside the portal, below are the initial documents we will need to start every loan. We have provided these documents without branding, so you can send directly to your clients.
Click the button below to download the following documents:
- Application – Fillable and to be signed by borrower.
- CC Authorization – Background and credit checks run at the beginning of the process $65. This card will also be used to pay for the appraisal directly to the third party appraisal management company.
- Property Management Form, if applicable – Check the required documents form to see if the loan needs a property management form.
You must upload the completed documents to the loan specific portal if you want to move forward. This will let the underwriting team know they have a new loan to review.
Frequently Asked Broker Questions
LendSimpli charges 1% origination fee and $1,750 legal and processing fee for loans collateralized by a single property. The origination fee will not change for multi-collateral loans, however there is an increase in the legal and processing fees.
On the origination fee, the broker has the flexibility to charge the borrower on top of the base 1% (must not exceed state-specific legal limits). The broker is paid on the HUD and funds are wired directly from the title company.
To expedite the payment process, the broker should provide wiring instructions and an invoice before closing.
LendSimpli lends in most states. As of January 2021 we are currently not lending in the following states:
AZ, CA, HI, ID, MN, MT, ND, NV, OR, SD, UT, WY
Properties may not be in areas considered to be rural (the appraisal cannot be marked rural).
We require three sales comps and three rental comps, if applicable, within a three mile radius of the subject properties.
Additionally, the population per square mile (zip code density) must be greater than 75 people. There is a 10% reduction in LTV if the density is between 75-100.
LendSimpli always orders the appraisal on behalf of the borrower from multiple national appraisal management companies (AMC). The borrower is charged directly to the AMC from information provided on the credit card authorization form.
Unfortunately, we do not accept previously compiled appraisals that have not been ordered internally. If a recent appraisal has been compiled by one of the AMCs on our approved vendor list, we will evaluate on a case by case basis.
LendSimpli has a partnership with TitleVest as its national title company to perform title services on most loans. For acquisitions, the title company listed on the purchase contract will be used.
LendSimpli takes multiple factors into consideration when calculating your client’s interest rate. To qualify for the best rates the borrower should have a credit score over 720 and the property should have a debt service coverage ratio of at least 1.1x. Other considerations are location, property type, and loan purpose.
The seasoning requirements for a refinance are dependent upon how the property was acquired.
If the property was acquired with any debt, the seasoning period is three months. We can still process the loan, but will not be able to close the loan until the seasoning period is at three months. If the property was purchased with only cash, the period is six months.
No, since we are asset based lenders, we do not take personal income into account when underwriting the borrower.
We will review bank statements, to verify the minimum liquidity requirements (six months of property expenses).
LendSimpli does not currently loan on ground up construction projects or on vacant lots. We will lend on the rehabilitation on an value add acquisition.
LendSimpli does not currently provides lines of credit. For active borrowers, we lower origination and other fees as the relationship builds.
Equity from other properties are only permitted for a portfolio loan.
We do not lend against personal residences or any owner occupied properties.