Frequently asked questions.
These are the questions Florida buyers, investors, and business owners ask us before they apply, answered the same way we answer them on the phone. If your question is not here, call us at 813-727-3621 or start the application and ask it there.
Consumer
What does a mortgage broker do that a bank cannot?
A bank can only offer its own loan programs. As an independent mortgage brokerage, we work with scores of wholesale lenders, so one application puts your scenario in front of much of the lending market instead of a single institution’s menu. If a bank has already told you no, that usually means your loan did not fit that bank’s box. Our job is to know whose box it does fit. Our leadership spent decades inside bank credit departments, so your file is structured the way an underwriter expects to see it before it ever goes in.
What do I need to get preapproved with Castle Rock?
Start with the online application; it takes a few minutes. From there, what we need depends on your situation, but most borrowers should have recent pay stubs, W-2s or tax returns, bank statements, and a photo ID ready. Self-employed borrowers and investors have alternatives when tax returns do not tell the whole story, and we will walk you through exactly what applies to you. We issue true preapprovals based on reviewed documentation, not prequalifications based on a conversation, because that is the difference between an offer a seller takes seriously and one they do not.
Can I get a mortgage in Florida if I am self-employed?
Yes. Self-employed borrowers are one of the situations we handle most. If your tax returns support the loan, conventional programs work the same for you as for anyone else. When write-offs make your returns understate what you actually earn, there are programs that qualify you on bank statements or other documentation of real cash flow instead. These are fully underwritten loans from established wholesale lenders, not a workaround. The right starting point is the application, so we can look at your whole picture and match you to the program that fits how you earn.
What is a non-QM loan?
Non-QM stands for non-qualified mortgage. It simply means the loan is documented differently than a standard conventional mortgage, most often because the borrower’s income does not show up neatly on a W-2 or tax return. Bank statement loans for the self-employed, DSCR loans that qualify a rental property on its own income, and similar programs all fall in this category. These are regulated loans from established lenders with real underwriting. For borrowers whose finances are more complicated than a pay stub, non-QM is often the difference between owning the property and waiting.
How does a HELOC work, and can I get one on an investment property?
A home equity line of credit lets you borrow against the equity in a property, draw what you need when you need it, and pay interest only on what you use. You do not need to go to a bank to get one. We place lines in first, second, and even third position, on primary residences, second homes, and investment properties, which most banks will not touch. We offer both fast automated options and fully documented lines for more complex files, plus fixed rate home equity loans when a one-time draw fits better. Complete the application and we will tell you what your equity can do.
What credit score do I need?
There is no single answer, because every program has its own requirements and credit score is only one part of the file. We have placed loans for borrowers with excellent credit and for borrowers rebuilding after a rough stretch. What we care about is the whole picture: your credit history, your income or the property’s income, and the equity in the deal. If your score is the thing you are worried about, apply anyway.
Investor and Builder
What is a DSCR loan and how does rental income qualify me?
DSCR stands for debt service coverage ratio. Instead of qualifying you on your personal tax returns, a DSCR loan qualifies the property: the lender compares the rent the property generates, or will generate, to the payments on the loan. If the property carries itself, the loan works, no matter how many write-offs are on your personal return. Investors use DSCR loans to buy rentals, refinance them, and pull equity to buy the next one, and they can typically close in an LLC. Since rental income does the qualifying, your portfolio can keep growing after a bank would have cut you off.
What is the difference between private money, hard money, and bridge loans?
The three terms overlap more than they differ. All describe short term loans secured by real estate, made for speed and flexibility rather than the lowest possible rate. Private money comes from individuals or small funds. Hard money is the older name for the same idea, with the loan resting mostly on the property’s value. A bridge loan describes the purpose: it carries you from one event to another, such as buying before you sell or renovating before you refinance. What they have in common is that the exit is everything. A short term loan without a clear way out is how investors get hurt, and structuring the exit is where we spend our time.
How do fix and flip loans work?
A fix and flip loan funds both the purchase and the renovation of an investment property. The lender advances a portion of the purchase price at closing and holds the renovation budget in reserve, releasing it in draws as work is completed and inspected. The loan is sized against both the purchase price and the after repair value, the ARV, which is what the property should be worth when the work is done. Lenders also weigh your experience; a first flip is financed differently than a tenth. We work with multiple fix and flip lenders, so your leverage, your draw schedule, and your pricing come from the lender whose program fits your project and your track record.
Can I finance ground-up construction as an investor or builder?
Yes. Ground-up construction financing is available to investors and builders, from a single spec home to multiple projects at once. These loans typically close in an entity, fund the vertical construction budget, and release that budget in draws as each stage passes inspection. Lenders look hard at three things: your experience, the budget’s realism, and the value of the finished product. This is the most detail-heavy lending we do, and it is where our bank credit background shows, because a construction file assembled correctly the first time is what keeps draws moving and projects on schedule.
Can I close in an LLC?
Yes.
Commercial
What happens when a bank turns down my commercial loan?
A bank decline usually means your loan missed one of that bank’s internal requirements, not that the loan is unmakeable. Banks work inside narrow credit boxes, and a loan that just misses at one institution is often approved at another with different appetite. We call this bank fallout, and it is a specialty of ours. Our leadership spent years inside bank credit departments, so when we read a declined file we can usually see exactly why it missed and which lender fits it. Bring us the deal and the decline; the reason behind the no tells us where to take it next.
How does SBA financing work through a broker?
The SBA does not lend money directly. It guarantees a portion of loans made by participating lenders, which lets those lenders approve business loans they otherwise could not. The catch is that every SBA lender has its own appetite: the industry, the collateral, and the story that one lender declines is exactly what another wants. That is where we come in. We package your request the way an SBA credit officer needs to see it and place it with the lender whose appetite matches your business, rather than leaving you to work down a list one bank at a time.
What does the commercial loan process look like at Castle Rock?
It starts with a conversation about the deal: the property, the purpose, and the numbers. From there we tell you plainly whether we see a path and what documentation the file needs, typically the property financials, your business financials, and a personal financial statement. We package the request the way a commercial credit officer expects to read it, place it with lenders whose appetite fits, and manage the questions that come back. You get one point of contact through underwriting, approval, and closing, and if we do not see a path, we say so before you spend money on reports.
Getting Started
How do I start?
Complete the online application. It takes a few minutes, and it is the fastest way to a real answer because we are looking at actual information instead of guesses. Once it is in, a Castle Rock loan officer reviews your scenario and reaches out to talk through your options. Whether you are buying your first home, adding a rental to your portfolio, or financing a commercial property, the application is the same starting point.