Frequently asked questions
About Congressional Capital
How long has the Company been operating?
We founded Congressional Capital in 2011 but have been involved in the real estate lending and development business for over 20 years.
Can we partner with you?
Yes – we are willing to partner with people who we have an existing strong relationship with.
Are you hiring?
We are not currently hiring but check back often as we are growing!
How many loans have you closed?
We have closed tens of millions of dollars in loans.
About Our Hard Money Loans
Are you direct lenders?
Yes, we are direct private lenders. We are not brokers and do not have investment committees – we can make same day decisions on loans.
Are you national or local?
We are based in and lend only in the Washington, DC metro area – namely the District, Northern Virginia, Prince George County, and Montgomery County. We are experts in DC.
Where do you lend?
We lend in the following areas of the DC metro area:
Washington, DC
Virginia: Fairfax County, Arlington County and the cities of Alexandria, Falls Church and Fairfax.
Maryland: Montgomery County
Do you need personal information about a borrower?
No, we do not ask for personal information such as credit scores, proof of funds and other money. We believe in analyzing deals and past experience when evaluating borrowers and transactions.
Do you require credit scores?
No we don't. We may pull a credit report on a new borrower and search public records but we do not factor in credit score into deal evaluations or rate determination.
What are your standard hard money loan terms?
See this page for a list of most common terms. We discuss rates individually with borrowers as they may be project-by-project specific.
What are your rates and fees?
Every hard money loan deal is unique and it is hard to give you a firm rate since we lend at different rates for different projects and risk profiles. Generally, our traditional deals average between 13–18%, and you will probably have to pay anywhere from 4–8 points. Sometimes we will require points to be paid up-front, while other times we can build them into the loan amount. All rates and points are discussed from the beginning with borrowers – there are no hidden fees or rate switches at closing.
Do you lend based on as-is or future value?
We lend on after-renovated-value – the value of the property after renovations are completed.
How do you calculate property value or ARV?
We utilize our network of brokers and agents to find comps but also rely heavily on our knowledge of the market. We have a great sense of what appropriate price points are - it comes with years of experience.
Do you lend for second mortgages?
In general we do not but will consider it on a case-by-case basis. We consider alternative debt and equity arrangements depending on the deal, including mezzanine debt. Learn more about our loan programs.
Do you lend on primary residences?
No. There are stringent requirements around disclosures on these types of mortgages and we do not lend for primary residences.
Do you have prepayment penalties?
No - we allow prepayment at anytime.
What is your lending process like?
Step 1: Submit a hard money loan application by applying online for a private hard money loan, emailing us, or calling us at 202-810-2271.
Step 2: We will review the application and, if necessary, request any supplemental material needed for review.
Step 3: If the hard money loan application fits our hard money lending requirements we call you to set up a walk through of the property and have a meeting to discuss your request. We like to view properties within a day of the application being submitted but are flexible based on borrower timing requirements. We like to meet with potential borrowers and view the property as soon as possible to help close the deal as quickly as possible.
Step 4: Based on the application and meeting we will provide a Term Sheet which is an outline of how the loan will be structured, including pricing and all requirements. We deliver the Term Sheet within 24 hours from our walk-through.
Step 5: If you approve the Term Sheet, we will immediately begin drafting loan documents for the transaction and setting a closing date.
Step 6: We close the transaction and you the funds need to close the purchase transaction. Our entire process from application to closing takes as little as one week if needed.
Our hard money lending process has developed over our years of continued business in the private capital lending industry. We continue to search for opportunities to offer creative real estate financing and serve the needs of our borrowers in changing business climates. We are a leading hard money lender in DC for a reason – apply now to find out why.
Do you perform title searches?
Yes we require them to be performed. This protects everyone.
Do I need to use my own capital?
It depends but the answer is usually you have to have some equity in play (unless there is significant spread between acquisition and repair costs vs. ARV). However, some of our alternative loan and equity programs provide an opportunity for no out-of-pocket costs - for example if you bring us on as an equity partner or in certain JV scenarios.
What types of properties do you loan against?
In general, we loan for single family, rowhouse/townhouse and multi-unit residential condos or apartment projects as well as construction, commercial and mixed use scenarios. We have expereince providing debt or equity to almost any type of real estate project. Learn more about our loan process and property types here.
What are your ARV percentages?
We loan between 65% and 70% of the After Renovated Vale ("ARV").
Do you have discounts for repeat borrowers? Do you have a preferred borrower program?
We offer a Preferred Borrower Program where borrowers that have closed more than $2.5M in loans with us (or 5 or more loans that have been closed) are offered preferred rates and borrowing terms.
Getting Started
What is the best way to start the process to obtain a hard money loan?
Learn more about our loans here and then submit an application here.
What information do I need to start?
Really just the property information basics and then complete our application here. Its that easy!
What is your lending process like?
Step 1: Submit a hard money loan application by applying online for a private hard money loan, emailing us, or calling us at 202-810-2271.
Step 2: We will review the application and, if necessary, request any supplemental material needed for review.
Step 3: If the hard money loan application fits our hard money lending requirements we call you to set up a walk through of the property and have a meeting to discuss your request. We like to view properties within a day of the application being submitted but are flexible based on borrower timing requirements. We like to meet with potential borrowers and view the property as soon as possible to help close the deal as quickly as possible.
Step 4: Based on the application and meeting we will provide a Term Sheet which is an outline of how the loan will be structured, including pricing and all requirements. We deliver the Term Sheet within 24 hours from our walk-through.
Step 5: If you approve the Term Sheet, we will immediately begin drafting loan documents for the transaction and setting a closing date.
Step 6: We close the transaction and you the funds need to close the purchase transaction. Our entire process from application to closing takes as little as one week if needed.
Our hard money lending process has developed over our years of continued business in the private capital lending industry. We continue to search for opportunities to offer creative real estate financing and serve the needs of our borrowers in changing business climates. We are a leading hard money lender in DC for a reason – apply now to find out why.
How fast can you approve a deal?
We can provide same-day approvals if all our requirements are met (completed application, property walk-through and meeting with the borrower). We often do it in 1–3 days depending on the availability of the borrower.
Timing and Closing Information
How fast can you close?
We can close as fast as 5 days - sometimes sooner for the right deal. We pride ourselves on speed and work with borrowers to ensure all deadlines are met.
When can I get a commitment?
We can give same-day commitments if we have a completed application, property walk through and meeting with the borrower.
How fast can I get draws?
We work with borrowers to establish reasonable draw schedules. If milestones are met, we can get same-day or next-day funds released.