No, it is not required. We understand that people have varying levels of experience, and our goal is to help each client succeed. Crowdcopia aims to provide concierge assistance to all of our clients, regardless of experience, throughout the entire underwriting, closing, renovation and final sale (or refinance) process.

Yes, an appraisal is required for every loan to get a sense of the As Is and/or After Renovation Value (ARV) property valuation. This helps both Crowdcopia as the basis on which we determine a loan amount and you, as the borrower, to confirm that the deal has the profit potential you need to proceed. All appraisals are performed by an independent third-party appraiser.

We review all previous appraisals on a Case-by-case basis.  We may request the appraisal be re-certified by an independent third-party appraiser or require a new appraisal.

We try to make our underwriting decisions with as few document requirements as possible.  In our underwriting process, we take a more global approach and consider both the asset and the borrower documentation to calculate loan terms that make the most sense for the project.

You can find a complete list of the documents needed for your application here .

We require all monthly interest payments to be made via an ACH debit from the bank account on file.  As part of the loan documents, we include an ACH-authorization form which allows Crowdcopia to debit your account for the interest owed on the first of each month.

Title insurance costs are regulated by the Commonwealth of Pennsylvania.  Click here  to estimate the title insurance cost for your project. The title company you select to handle the property closing and title insurance will provide a settlement sheet (or HUD) which will list all closing costs including that for title insurance

Unlike most other lenders, Crowdcopia only collects an up front origination fee.  We do not charge any “junk fees” for application, doc prep, legal, or inspection draws like some of our competitors.

Yes! If the appraisal value warrants, we can loan up to 100% of the combined purchase price and renovation costs. We will typically loan up to 65% of the After Renovation Value (ARV) or 100% of the project cost, whichever is lower (65% LTV or 100% LTC)

Both as a courtesy to our borrowers and to achieve the most accurate loan terms possible, Crowdcopia provides an independent budget for each project.  If our budget differs from that of the borrower (or their contractor) we will discuss each line item to make sure that we are all on the same page in terms of the scope of work and current market pricing.

We will then move forward with a mutually agreed upon budget for determining the final loan numbers.

As work is completed, can request a draw for specific line items from the agreed upon budget for the project via email directly to our construction team. We will typically inspect each property to verify that the work has been completed to the level indicated in the Scope of Work.

If work has been completed to both of our satisfaction, we will then disburse the draw funds directly to your bank account on file, same day! It may take between 1-2 business days for the deposit to reflect in your account, depending on your bank.

Draw requests must be for at least $12,000 worth of completed work or 12% of the total construction budget, whichever is higher.

Crowdcopia only pays for work that is 100% completed and does not prepay for labor or materials.

Crowdcopia requires that work be 100% completed before making a draw payment for a given line item. Please confirm that work has been completed before making the draw request so the inspection can be conducted without issue.

For example, drywall must be 100% completed and ready for paint before a request is made. If the drywall was just hung but not taped, spackled, and sanded, it would not be considered complete. As another example, if windows are installed and not capped, this would not be considered complete.

Crowdcopia only pays the amount listed on the agreed-upon budget for all line items. If the cost for a specific line item exceeds the amount reflected in the final budget, borrowers are responsible for the difference. Any work performed outside the scope of work or any unforeseen work that may arise is also the responsibility of the borrower.

Yes, all borrowers must complete their respective projects to the specifications listed in the Scope of Work, as this is the basis for the After Renovation Value (ARV) appraisal. The agreed upon loan terms were then calculated based upon this Scope of Work being followed. All determinations on whether trades are complete, to scope, or up to code are made at Crowdcopia’s discretion.