FAQs
About your loan
+ Do I need to record my own documents?
Nope! Rain City will take care of that for you. A pass-through “Recording Fee” will appear in your deferred charges and will be collected at time of payoff.
+ Can I get an extension for my loan term?
Extensions are offered on a case-by-case basis for loans with good payment history. If your maturity date is approaching, please be sure to contact our servicing team to see if your loan qualifies.
+ How do I request a payoff?
Payoff requests go through our servicing partner, Tandem Servicing. Email your request to payoff@tandemservicing.com – your email should include your name, property address or loan number, and how far out you’d like the payoff quote. If another party is requesting this information on your behalf, we will need documentation that the third party is authorized to receive the payoff.
+ Do I have to have insurance on the property?
Just as with a traditional lender, insurance is required to protect Rain City’s financial interest in the property, so you will need to obtain and manage your own insurance policy. If you haven’t already submitted proof of insurance (from the date of funding for the full note amount), please be sure to submit a copy as soon as possible to loanservicing@raincitycapital.com. Rain City may obtain insurance at your expense to protect our financial interest in the property.
+ Can I just use Rain City's insurance provider?
Absolutely! If you’re having trouble acquiring insurance for your property, or you just don’t want to deal with the hassle of managing your own insurance, let us know. Our insurance provider works directly with us to insure properties that may not qualify for insurance under standard underwriting guidelines.
Making payments
+ How do I pay my bill?
All payments are processed through our servicing partner, Tandem Servicing. If you haven’t signed up for Tandem’s Online Services, do it now! You can make non-recurring payments each month right from your computer or mobile phone.
For recurring monthly payments, we have simple form for you to fill out to authorize Tandem to set up payments on your behalf. CLICK HERE to download the authorization form.
If you’d like to pay with a check, please make your check payable to Tandem Servicing and mail to the address below:
Tandem Servicing
12131 113th Ave NE, Suite 201
Kirkland, WA 98034
You can also pay by wiring or depositing funds directly into our account with Columbia Bank. To learn more, contact Loan Servicing at 425-588-0030.
Important note: for all methods of payment, please be sure to include your loan number, property address, or a copy of your statement.
+ Can I pay online?
Yes! Tandem Servicing’s Online Services allow you to make online payments, sign up for eStatements, and more! Click here to get started.
+ Can I pay off my loan before the maturity date?
Of course! Both principal paydowns and early payoffs can be done without penalty.
Construction loans
+ How do I request construction funds?
Email draws@raincitycapital.com, and we’ll get you set up with an inspection to verify the requested draw amount. You can also email this address with any questions you have during the construction loan process.
+ How does a construction loan work?
Construction loans are funded as your project progresses. Before work begins, we take a detailed budget. As you rehab your property, you’ll request draws on your loan amount, which will be verified by a 3rd party inspector. Each draw incurs a flat $200 fee for inspection and if you choose to have the funds transferred by wire, a $25 wire fee. Your last draw is issued when the home is 100% complete and marketable, and your total interest is assessed only on the amount you draw.