As we continue to grow and expand our product offerings for both the real estate investors we lend to and the thousands of everyday investors who invest in their projects, we are proud and excited to announce the launch of a brand-new program: QC Maxx, a pre-approved business line of credit to further help fund our borrower’s real estate businesses. Through this program, the developers we work with will be able to get the financial support they need to move faster on real estate deals they find and show sellers they are ready to buy. In turn, this will help our investors by supporting the growth of our LRO sales.
Why A Business Line Of Credit?
One of the most challenging parts of being a real estate investor (what we refer to as a borrower) is sourcing desirable properties in which to invest. Finding homes that check all the boxes for a solid investment deal can be a long and tedious process; and even when such homes do become available, being at the right place at the right time with the proper financing to close the sale can often seem like trying to get the stars to align. Further, finding the right person or institution to finance real estate projects can be stressful and difficult, and not having the cash on hand (or quick access to it) can cost you your desired property.
That’s exactly why we designed QC Maxx. By offering pre-approval for a business line of credit through this program, we’re helping our borrowers get the help and financial support they will need for their real estate projects, before they need it.
How It Works
The steps of QC Maxx, our new business credit line pre-approval program.
Here's how our new business credit line pre-approval process works:
- Borrowers can apply for pre-approval by filling out our online application. The cost to do so is $75. Borrowers will need to provide their business entity and the name of the operating principal(s) as well as experience.
- GROUNDFLOOR reviews the documentation and runs credit and background checks and validates experience.
- Once approved, borrowers will receive an official pre-approval letter for use in negotiating with sellers on potential properties.
- Once a property is identified, GROUNDFLOOR orders the Title and Appraisal reports for the property in order to underwrite and close the loan. This allows our borrowers to close quickly, something that’s especially important for deals that are time sensitive.
An Updated Pre-Approval Application
We have recently made some changes to our QC Maxx application process on our website. Now, real estate investors looking to gain pre-approval through our QC Maxx program can begin their application and pay the application fee directly from their Borrower Dashboard.
Step 1: Apply for pre-approval by clicking "QC Maxx" at the top.
Apply for pre-approval directly from your Borrower Dashboard by clicking the QC Maxx button at the top.
Step 2: Complete the "Principal Information" section.
Next, fill out the "Principal Information" section.
Step 3: Complete the "Borrower Entity" section.
Next, fill out the "Borrower Entity" section of the QC Maxx pre-approval application.
Step 4: Review all information and submit payment.
Submit the application fee directly from your Borrower Dashboard.
Step 5: Complete your application by uploading required documentation, outlined at the bottom of the page.
Upload documentation about principal(s) and LLC to complete your QC Maxx pre-approval application.
Step 6: Once everything has been uploaded, your application should be processed within 72 hours.
Once all documents have been uploaded, you should expect processing to occur with 72 hours.
As we continue to grow and expand our business offerings, we are always looking out for ways we can better serve our customers. We hope those of you who join us as borrowers will find value and support through our new QC Maxx program. As always, if you have any further questions, you are welcome to post them in the comments below or reach out to our Customer Success team directly at firstname.lastname@example.org.