Repaying a Boomerang loan is simple. Send your request through our payoff portal, and a member of our loan support team will prepare your statement.
Repay Your Loan in Four Simple Steps
Easy-peasy, no fuss. Our payoff process is straightforward by design, so you can transition from project end to resale or refinancing as soon as possible.
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01
Send Your Payoff Request
Fill in the request form on our payoff portal. Borrowers and title agents use the same one, so whoever's responsible for closing your loan can complete the form.
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02
Receive Your Payoff Statement
We'll review your request and calculate what's left to pay. Your statement goes to the email address you gave us at the start of the process, and typically arrives within two business days.
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03
Pay the Balance
Send the amount shown on your statement. For most closings, the title company does this on your behalf.
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04
Lien Released
Once your payment clears, we submit the lien release. This closes your loan out, and there's nothing else for you to do.
No Credit Check Needed
We hold a first lien on the property and size every loan to its value, so the asset covers us if a project ever goes sideways. That security is why we don’t need to complete a credit check as part of our hard money loan process.
- We lend a portion of the value: On a $300,000 property, that's typically around $240,000, leaving a cushion between the loan and what the property is worth.
- You sign a personal guarantee: This sits alongside the lien as your commitment to repay, and it's standard on every loan we write.
- First-timers are welcome: With the value there to back the loan, a short track record is no barrier to getting funded.
What Happens After Funding?
Your journey from here depends on the type of loan. But whatever happens, you’ll have the same experienced team in your corner.
- Acquisition loan: Short-term funding holds the property while you line up long-term financing or a sale. When you're ready, pay us off and move onto your next project.
- Fix and flip loan: As you finish each stage of the work, you request a draw and we pay you back for what you've completed.
Meet Your Payoffs Contact
Pam Alward
Pam is a dedicated professional who balances a full work schedule while continuing her education. She brings years of experience, reliability, and a strong work ethic to her role, and her commitment to lifelong learning inspires those around her. She takes pride in contributing to her workplace and community.
Questions About Your Payoff?
Call us using the number provided to discuss the payoff process in greater depth.