Broker
Toorak will approve brokers and lenders in good standing doing business in the private money sector.
There is no cost to the broker.
No MLPA agreement is required.
Yes, Toorak requires that you use one of the three approved AMC’s – FastApp, Appraisal Nation or InCenter.
Yes, Toorak requires you use one of our four approved closing attorneys – Hornik, Andelsman, Goldenberg or Geraci.
Yes, the originator retains any interest accrued above Toorak’s buy rate, less the monthly servicing fee.
Yes, Toorak charges a 1% origination fee at the par rate. You have the ability to buy this up or down.
No, there are no additional fees besides the origination fee.
Yes, currently we cannot do loans in Arizona, Michigan, Minnesota, Nevada, North and South Dakota, Oregon, Utah and Vermont. For California, the broker needs to have their CA DRE license.
Our underwriting turn time is 48 hours and we take approximately 3 days to close once a loan has all the conditions in and is clear to close.
Toorak asks that the broker maintain the relationship with the borrower by serving as the primary contact and by facilitating any draws or extensions. We expect the broker to monitor loan performance and if the loan should go DQ, we ask that the broker step in to help bring it current.
SFR 1-4 Bridge and Rehab, Ground-Up Construction, and Multifamily/Mixed-Use.
Please email bd@toorakcapital.com and someone from our Business Development team will help you.
