FREQUENTLY ASKED QUESTIONS

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.

Of course! Both principal paydowns and early payoffs can be done without penalty.

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.

The reason we’re able to finance higher-risk deals and fund so quickly is because these properties are only for “commercial-purpose”or “business-use” (not occupied by the owner), so there’s a lot less red tape. Owner occupancy is considered an event of default, which would accrue 24% interest and lead to foreclosure. If you decide you’d like to make the property your primary residence, you would need to refinance.

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.

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 $150 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.

Rain City sends out statements on or around the 20th of each month. Below is a glossary of terms you’ll see:

  • Unpaid Charges: all charges to the loan that have not yet been paid. This includes deferred charges, insurance premiums, and extension/maturity fees.
  • Deferred Charges: Pass-through charges that Rain City pays on your behalf and collects at payoff.
  • Estimated Title Fee: A deferred charge that acts as a placeholder until the accurate amount comes back from Title. The estimation is based on your total loan amount. This will change to “Title Fee” on your statement once the actual amount is communicated to Rain City (typically 30 days after recording). Estimated Title Fees are only applicable for auction loans.
  • Recording Fee: A deferred charge from the property’s respective county to record loan documents.
  • Reconveyance Fee: A deferred charge that allows Rain City to be removed from the Deed of Trust once the loan has been paid in full.
  • Wire Fee: A deferred charge to set up the wire for payoff.
  • Insurance: If we have not received proof of insurance or you have chosen to use Rain City’s insurance provider, this is where the charge for a full year premium will appear. The remaining balance will be refunded after payoff.
  • Inspection Fee: A deferred charge for setup of inspection and wire for construction draws.

If you haven’t signed up for Rain City’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 Rain City to set up payments on your behalf. CLICK HERE to download the authorization form.

If you’d like to pay with a check, feel free to stop by! If you can’t make it into our office, please make your check payable to Rain City Capital and mail to the address below:

Rain City Capital
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 425.434.9009.

Important note: for all methods of payment, please be sure to include your loan number, property address, or a copy of your statement.

 

Yes! Rain City’s Online Services allow you to make online payments, sign up for eStatements, and more! Just click the ‘Login’ button in the top menu to get started.

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.

For additional insurance guidelines to show your provider, click HERE.

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.

Email your request to payoff@raincitycapital.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.