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 purchase properties and need to make repairs before selling the property.
Using the property as collateral, funds are available for short-term residential purchase and renovation projects that most traditional banks and credit unions won’t approve. Authorized monies will be held in escrow and released in draws as your contractors complete renovations.
You can secure financing for as high as 100% of the property and rehabilitation costs. To be approved your total loan amount should not exceed 65% of the property’s after-repaired-value. There is no prepayment penalty for early repayment and you can secure 6 month loan terms.
Most residential 1-4 family units that are non-owner-occupied will qualify. Small apartments and condo conversions area also allowed by exception. This loan does must take first mortgage position. You can obtain loans starting from $25,000 or more, and you 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.