FAQs: About Socotra Capital

We provide loans from $100,000 to $20,000,000 in many regions of the United States.

As a hard money lender, we do not have a minimum FICO score requirement. One of the benefits of working with Socotra Capital is that we can be quite flexible. If you have a good reason for having a low FICO score, let’s talk about it. 

The loan-to-value (LTV) ratio varies on a case-by-case basis. Depending on the scenario, we can offer a fair amount of flexibility.

Our interest rates are flexible and depend on a variety of factors. Loan terms are typically 6 to 24 months, with the additional ability to offer 20 years fully amortized with no prepayment penalty.

It depends on the situation, but we are typically able to close loans in ten days or less. In some cases, our five-day Turbo Close® could be the competitive edge you need to seal the deal. 

Socotra Capital may be able to use a fully owned owner-occupied home as equity for a loan that serves business purposes. We can also make loans on commercial mixed-use spaces that are owner-occupied, as long as the loan will be used for business purposes. The same is true if you own and occupy a multifamily property with at least three units. 

For consumer residential loans, our sister company Herzer Financial can offer bridge loans that allow you to purchase a residential property while you still live in your current home. 

The documentation required is based on each specific transaction, but at a minimum, you will need to provide entity documents, proof of insurance, and bank statements. In some cases, we might also ask for other types of documentation, such as tax returns, profit and loss statements, and leases. But as a hard money lender, we can be fairly flexible with these requirements.

Socotra Capital provides hard money loans throughout the United States. We are currently lending in Alaska, Arizona, Arkansas, California, Colorado, Georgia, Hawaii, Idaho, Maryland, Massachusetts, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, and Wyoming. We also may lend to other states not listed here.

Socotra Capital has the flexibility to lend on any type of real estate deal. We typically finance commercial, industrial, or residential deals, but we'll entertain all proposals. We also provide short-term commercial financing to support your business needs.

Socotra Capital provides loans in many regions of the United States, and we also consider Small Business Administration (SBA) loan scenarios in all 50 states.

We usually take under two weeks to close the deal; however, we are known as the “kings of the five-day close.”

If you need a proof of funds letter, we can provide one after you have been approved. Please note that approval or proof of funds is not a guarantee or commitment to fund a loan.

It’s simple: Start by either filling out the short- or long-form application, or contact a loan specialist at (855) 889-7626. We will go over the process with you and answer any of your questions.

Yes! Our hard money underwriting guidelines focus primarily on equity, not borrower credit. We have accepted borrowers with low credit scores, prior bankruptcies, and foreclosures. We also make loans to foreign nationals and entities with no credit history. If a bank turns you down, call Socotra Capital. We are ready to respond quickly and efficiently to meet your needs.

Generally, an appraisal is part of Socotra Capital’s underwriting and due diligence process and may be necessary depending on the scenario. If an appraisal has already been completed, providing a copy for our review may fulfill the need and save time.