Frequently Asked Questions
PACE Funding offers low customer rates and is available for property owners who might not be able to use other forms of financing due to low credit scores or not being an owner-occupant.
There are both fee and no-fee options.
In California the origination fee consists of 6.95% of the project cost, a lien recording fee of $55-285, a loan loss reserve of $90, a foreclosure expense reserve of $10, and an annual administrative fee of $45 which is financed so it is paid over the life of the assessment.
In Florida the origination fee consists of 7.45% of the project cost, a lien recording fee of $60, and an annual administrative fee of $95 which is financed so it is paid over the life of the assessment. The annual administrative fee in percentage is 4.17%.
PACE Funding would love contractor help. Having a local contractor contact his or her local municipality can go a long way to getting PACE Funding approved there. Contact us at 844-USE-PACE to work with us!
- 3 day right of recession
- Income documentation
- Welcome Call
- Signed work contract
Yes, a recorded Welcome Call (Confirmed terms call) when the contract has been created and a recorded Completion Call when the Certificate of Completion has been signed.
Unfortunately, no. The call must be placed to the property owners personal phone number or the property owner can call into PACE Funding from his/her own phone.
PACE Funding verifies ID using Docusign’s ID verification, SSN/DOB and address.
- Completion Certificate must be Signed by at least one property owner and the contractor
- Completion Call verified
- Invoice submitted
PACE Funding will initiate payment by ACH no later than three business days after file is marked pending in portal next to invoice.
Approved products vary across the country. Just email PACE Funding at email@example.com. If the products are PACE approved for efficiency standards in your area we can include them.
If the customer would really like to switch from PACE to another form of finance, for example, a HELOC, PACE Funding would work with the contractor to make sure they were still getting paid on time. The customer still has power through the Certificate of Completion, so we’ve found in these cases it’s best to have a conversation with all parties to make sure the customer is getting the financing that they really want as well as the payments/timings that the contractor needs.
PACE Funding would reserve the right to reprice after 120 days. PACE Funding would at minimum need an addendum because the capitalized interest will be different (lower if the project is late).
A Certificate of Completion and work contract are required. PACE Funding want the permit when it’s done, but it’s not required for funding.
No, it is solid.
PACE Funding will inspect the first 3 projects for new contractors. PACE Funding continues to perform random inspections of 5% of jobs of all contractors.
It is the signed job card.
PACE Funding can provide pdf’s that the contractor can print, get signed, scan and email back to PACE Funding.
It is dependent on the final customer’s signing date. If a contractor feel that a contractor should have received the NTP, please call 844-USE-PACE.
A contractor should be receiving emails when the customer credit decision is made and the Notice to Proceed is issued. For other milestone or status updates, a contractor can check the portal.
We have a partnership with a partner that offers advance payments for a fee.
- In California the customer is allowed one 30 day late mortgage payment in the past 6 months according to Experian or similar.
- In Florida the customer has to be current on their mortgage on the date of application.
PACE Funding will verify trustee information on title.
Merge from 2 bureaus. It shouldn’t matter since PACE Funding is not getting a score; PACE Funding is just looking for specific missed payments or a bankrutcy within the past 2 years.
- A few minutes if it is during business hours and, for example, it is just a spelling issue . Contractors can reduce the frequency of these issues by making sure that the customer fills out the application completely and accurately.
- Otherwise, it depends on the customer if PACE Funding needs a trust document.
- If a contractor receives a “manual” credit decision, then a contractor can call 844-USE-PACE to inquire about the application.
Yes, call 844-USE-PACE. However, PACE Funding cannot reveal confidential credit information. It may be more helpful to have the property owner call.
Yes, if a party feels that the property value is too low, PACE Funding will accept a professional appraisal as the basis for a property value.