Give Your Loan App a Second Life
We just can’t help ourselves! We love getting deals done—even when we can’t fund them ourselves. That’s why we’ve created LCI Dibs, a unique, bespoke marketplace where we match borrowers we’ve turned down with pre-approved lenders and brokers who believe they can get their deal done. We want you to know that when you apply with us and opt into the LCI Dibs system, you’re maximizing your chances of success.
How LCI Dibs Works
When filling out your loan application, make sure to opt in to LCI Dibs.
If we can’t fund your loan, we’ll post info from your application on LCI Dibs for other lenders to review.
If a lender or broker thinks they can get your deal done, they call dibs on your loan application.
They are given your contact info and reach out to you to originate the loan.
The best part: You won’t be spammed!
Your sensitive information is NOT being sent to a million anonymous brokers. A maximum of one pre-approved broker or lender can claim your lead, and only they will be able to contact you regarding your loan request. Only your name, phone number and email address are shared with them along with top-level details from your loan application. Sensitive personal info such as social security numbers and your home address are NOT shared at any time.
There is no guarantee you will be contacted through the marketplace, but this is a potentially valuable service we offer to our borrowers to increase their chances of funding. We highly recommend opting into this opportunity.
Full Transparency: Lenders and brokers in our marketplace are required to let us know if a borrower’s deal gets funded. If so, then we are paid a pre-negotiated referral fee at the time of closing. Our typical referral fee ranges between .5%-1% of the total loan amount and usually appears as a charge due to Little City Investments on the settlement statement.
If you are contacted through LCI Dibs, please ask your lender or broker what our referral fee is for your loan, and feel free to contact us to verify. NEVER PAY ANY REFERRAL FEE DIRECTLY TO A BROKER OR LENDER EITHER BEFOR OR AFTER CLOSING.
Please note: Only borrowers representing themselves are eligible for LCI Dibs. We do not post brokered loans in our marketplace. If you’re a broker representing a borrower, DO NOT opt in to LCI Dibs unless you want to be removed as the broker on the transaction. If you’re a broker or a lender interested in our lead marketplace, please apply here.
FAQ
How do I opt in to LCI Dibs?
When you fill out your loan application, you will be prompted to opt into the marketplace. If you’ve already filled out a loan app, then contact us to opt in.
Do I need to fill out a full loan application to be posted on LCI Dibs?
Yes. You must complete our (very short) full loan application and opt in to LCI Dibs to get posted. If we decline your loan request for any reason, we will post it to the marketplace.
Will I be notified by LCI when my loan request is posted on LCI Dibs?
No, you will not be notified. But if we decline your loan request, we will usually post it immediately to save as much time as possible.
What info from my loan app is shared on LCI Dibs and what is not?
Initially, non-identifying info about your loan is posted on the marketplace for lenders and brokers to view. This includes general info such as the property address, loan amount requested, estimates of value and exit strategy. If a lender or broker claims your loan, then only they are shown your name and contact info. Your SSN and home address are never shared at any time.
Can I remove or edit my loan application info on the LCI Dibs system?
Currently only lenders and brokers have access to the LCI Dibs system, but we’re working on an admin side for borrowers where they can update or delete their loan apps as needed. Check back soon!
Who are the lenders and brokers using LCI Dibs?
We work with a number of Texas-based and national private money lenders and brokers who are active in originating hard money loans. Each lender or broker is manually approved by us and we regularly police the marketplace to ensure no one is abusing the system.
Is it true that only one lender or broker can contact me about my loan?
Yes, only one lender or broker can contact you through the system. This is to control spam and ensure lenders and brokers only claim loans they truly believe they can get funded. They will contact you with their own phone numbers and email accounts, so be on the lookout.
What if it doesn’t work out with the lender who claimed my loan?
If it doesn’t work out, contact us and we’ll un-claim your lead so that another lender can try to get it done.
How long is my loan application live on LCI Dibs?
We keep loan applications live for approximately 30 days; after that they are removed. You can contact us if you would like us to keep it up for longer.
Should I tell you if I end up getting my deal funded through LCI Dibs?
Yes! Please let us know if you got your deal done. We also want to know if it didn’t work out with a particular lender or broker. We are working to have high-quality lenders on our system and need to know their success rates. We always make it a point to contact you later to follow up on what happened.
Is LCI Dibs totally free to me, the borrower?
Yes and no. It’s totally free to be listed in the marketplace, however as stated above, we do charge a reasonable referral fee at the time of closing which can increase your closing costs. It should be noted that we also remove lenders and brokers from our system who try to subvert the referral fee.
How do I know what the referral fee is for my loan?
Typical referral fees range from .5%-1% of the total loan amount. You should ask your broker or lender what this fee is. You can also verify by contacting us.
Won’t your referral fee end up costing me more at closing?
It very well could, but it’s up to you to decide if it’s worth it to get your deal done. That said, we encourage brokers and lenders to reduce their origination fees to compensate for our referral fee. Feel free to negotiate with them as well.