You can enjoy a quick closing and high loan-to-values with our rehabilitation loans. Rehab loans are tailored for the real estate investor who wants to make repairs before selling the property.
Using the property as collateral, funds are available for short-term residential renovation projects that most traditional banks and credit unions won’t approve.
Authorized monies will be held in escrow and released in draws as their contractors’ complete renovations.
Typically, you can secure financing up to 65% of the after-repaired-value. There is no prepayment penalty, your clients can secure 6 month loan terms, and most residential 1-4 family units that are non- owner-occupied will qualify.
Small apartments and condo conversions allowed by exception and this loan must take first mortgage position. Your clients can obtain loans starting from $25,000 or more, and they will need a 660 or higher credit score to qualify.
This is an outstanding program for any real estate investor looking to purchase and rehab properties.