What are the minimum and maximum loan amounts?

Loans run from $100,000 to $20,000,000 in many regions of the United States.

Is there a minimum credit score?

No. As a hard money lender, Socotra Capital says it has no minimum FICO requirement and underwrites primarily on equity, having accepted borrowers with low scores, prior bankruptcies and foreclosures.

What loan terms are available?

Terms are typically 6 to 24 months, with the additional ability to offer 20 years fully amortized with no prepayment penalty. Rates depend on the deal and are not published.

How long does funding take?

The company says it usually takes under two weeks from prequalification to funding, typically closing in ten days or less, with a five-day Turbo Close option in some cases.

Will it lend on an owner-occupied property?

It may use a fully owned owner-occupied home as equity where the loan serves a business purpose, and can lend on owner-occupied commercial mixed-use space or a multifamily property of at least three units that the borrower occupies. Consumer residential requests go to a sister company.

Bridge lenders

Socotra Capital

Socotra Capital is a private lender making asset-based real estate loans to borrowers, brokers and investors. Its products include commercial bridge loans, fix-and-flip loans, residential rehab construction loans, cash-out refinances, bridge-to-permanent loans, private lines of credit and cannabis property loans, which it says it has originated since 2017.

Underwriting is equity-driven rather than credit-driven. The site states there is no minimum FICO score, that loan-to-value is set case by case, and that it has lent to borrowers with low scores, prior bankruptcies and foreclosures as well as to foreign nationals and entities without credit history. Minimum documentation is entity documents, proof of insurance and bank statements, with tax returns, profit and loss statements or leases requested in some cases. An appraisal is generally part of due diligence. Loans usually close in ten days or less, and a five-day option is sold as Turbo Close.

The company was founded in 2008 and reports more than 2,000 loan transactions totaling over $2 billion. Loans run from $100,000 to $20,000,000. Terms are typically 6 to 24 months, with the option of 20 years fully amortized and no prepayment penalty. Its FAQ lists the states where it is currently lending and notes it may also lend elsewhere, and that it considers SBA loan scenarios in all 50 states. Disclosures list California DRE #01859201, NMLS #266090, California Finance Lender's License #60DBO52860 and a Nevada loan servicing license, with a separate Nevada entity.

Owner-occupied property can be used as collateral only where the loan serves a business purpose, and the site routes consumer residential requests to a sister company. Confirm licensing and availability for your state, and get the fee structure in writing, since rates and points are not published.

Best for

Investors and brokers turned down by banks who need equity-based underwriting on commercial, industrial or residential deals between $100,000 and $20,000,000 and can close fast. Not for consumer-purpose home loans, which the site routes elsewhere.

What they do

Commercial bridge loans
Fix-and-flip loans
Residential rehab construction loans
Cash-out refinance loans
Bridge-to-permanent loans
Private lines of credit
Cannabis property loans
Five-day Turbo Close funding
SBA loan scenarios

Details

Attribute	Value
Founded	2008
Licenses	California Department of Real Estate broker #01859201, NMLS #266090, California Finance Lender's License #60DBO52860, Nevada Division of Mortgage Lending loan servicing license #4075, Nevada Mortgage Company License #1200839 (Socotra Capital Nevada, Inc.), NMLS #1142425 (Socotra Capital Nevada, Inc.)

What stands out

Founded in 2008; the site reports more than 2,000 loan transactions totaling over $2 billion.
Loans range from $100,000 to $20,000,000.
Terms are typically 6 to 24 months, with an option for 20 years fully amortized and no prepayment penalty.
Says it usually closes in ten days or less, and in five days under its Turbo Close service.
Funded a $9.2 million commercial bridge loan on a San Mateo, California hotel at risk of foreclosure.

Common questions

What are the minimum and maximum loan amounts?: Loans run from $100,000 to $20,000,000 in many regions of the United States.
Is there a minimum credit score?: No. As a hard money lender, Socotra Capital says it has no minimum FICO requirement and underwrites primarily on equity, having accepted borrowers with low scores, prior bankruptcies and foreclosures.
What loan terms are available?: Terms are typically 6 to 24 months, with the additional ability to offer 20 years fully amortized with no prepayment penalty. Rates depend on the deal and are not published.
How long does funding take?: The company says it usually takes under two weeks from prequalification to funding, typically closing in ten days or less, with a five-day Turbo Close option in some cases.
Will it lend on an owner-occupied property?: It may use a fully owned owner-occupied home as equity where the loan serves a business purpose, and can lend on owner-occupied commercial mixed-use space or a multifamily property of at least three units that the borrower occupies. Consumer residential requests go to a sister company.