Lender FAQ - US - Toorak Capital Partners

US Lender

How do I sign up to be a correspondent lender?

In order to qualify, we need you to be able to close loans with your own funds. In addition, you should be doing at least $15M a month and your company’s net worth should be at least $5M.

What is the average time to get approved?

It takes approximately 4-6 weeks to get approved as a correspondent lender.

What is the cost to get set up?

The cost is $10,000. This covers our third party diligence company and some of the legal costs.

What programs do you currently offer to your correspondent lenders?

SFR 1-4 Bridge and Rehab, Ground-Up Construction, Multifamily/Mixed-Use, and DSCR.

Do you offer lines of credit?

Yes, Toorak has a short-term gestation line that we offer to our correspondent lenders.

Does Toorak have an approved appraiser list?

Toorak requires a USPAP and FIRREA compliant interior appraisal from a state licensed appraiser who is independent of the originator and borrower. Please refer to the underwriting guidelines for more specifics.

Who should I reach out to in order to get approved?

Please email bd@toorakcapital.com and someone from our Business Development team will help you.

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