Application Fee Refund Policy
It is not the intention of Equity Based Lending LLC to only receive a potential borrower’s application fee and not fund the loan.
As a potential borrower, an application is submitted by you, based on the information as provided in the pre-approval form.
If the asset you listed on the application to be pledged as collateral t0 secure the loan, is evaluated at an amount equal to or greater than the amount you estimated on the application, and we cannot fund your loan amount listed by the desired closing date requested on your application, we will reimburse you for the application fee paid less costs incurred by Equity Based Lending LLC during our due diligence process. Reimbursement will be sent within 1 week after the desired closing date. Equity Based Lending LLC will itemize any expenses deducted from the amount of the application fee refund.
If the loan requires repair funds to be escrowed, the as-is and after-repaired value must be equal to or greater than the amount listed by the borrower, the repair amount must be equal to or less than the amount listed in the application.
If our assessment of the as–is value, estimate of repairs amount or after-repaired value of the asset is disputed by the borrower, the borrower may choose to pay for an independent appraisal from our list of approved appraisers. In the event that the appraiser’s value supports the potential borrower’s estimates and we cannot fund the loan by the desired closing date on the application, we will reimburse the borrower via check for the application fee less of any costs incurred by us. The check will be mailed to the borrower’s preferred address listed on the application within 1 week after the desired closing date.