Who will Toorak approve under this program?

Toorak will approve brokers and lenders in good standing doing business in the private money sector.

What is the average diligence cost to get set up?

There is no cost to the broker.

Does Toorak require an MLPA agreement between parties?

No MLPA agreement is required.

Do I need to use an approved appraiser?

Yes, Toorak requires that you use one of the three approved AMC’s – FastApp, Appraisal Nation or InCenter.

Do I need to use an approved closing attorney?

Yes, Toorak requires you use one of our four approved closing attorneys – Hornik, Andelsman, Goldenberg or Geraci.

Can I earn an interest strip on my brokered loans?

Yes, the originator retains any interest accrued above Toorak’s buy rate, less the monthly servicing fee.

Does Toorak charge an origination fee?

Yes, Toorak charges a 1% origination fee at the par rate. You have the ability to buy this up or down.

Does Toorak charge any processing, underwriting or junk fees?

No, there are no additional fees besides the origination fee.

Are there any states where we cannot broker loans?

Yes, currently we cannot do loans in Arizona, Michigan, Minnesota, Nevada, North and South Dakota, Oregon, Utah and Vermont. For California, the broker needs to have their CA DRE license.

What are Toorak’s turn times?

Our underwriting turn time is 48 hours and we take approximately 3 days to close once a loan has all the conditions in and is clear to close.

Who handles draw requests?

Toorak asks that the broker maintain the relationship with the borrower by serving as the primary contact and by facilitating any draws or extensions. We expect the broker to monitor loan performance and if the loan should go DQ, we ask that the broker step in to help bring it current.

What programs do you currently offer for brokers?

SFR 1-4 Bridge and Rehab, Ground-Up Construction, and Multifamily/Mixed-Use.

How do I get approved to broker loans to Toorak?

Please email and someone from our Business Development team will help you.

"*" indicates required fields

To get started, please share additional information on your lending program

* All fields required.

Lender Type*