Rehab loan

Rehab Line of credit Nationwide : 80% ARV : $120K to $2.5M

Residential Non owner occupied and investment property

6 months No Payment & No Prepay Program available.

2 weeks Quick Closings. No credit program available.

For fast service please send your rehab scenarios with required documents listed below.

Currently Lending
Alabama Colorado Connecticut California Delaware Florida Georgia Illinois Indiana Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri	New Hampshire New Jersey New Mexico New York North Carolina Ohio Oklahoma Pennsylvania Rhode Island South Carolina Tennessee Texas Utah Virginia Washington Washington D.C. Wisconsin

PROPERTY TYPE:

Non owner occupied 1 - 4 Family, investment properties, condo conversions and apartment buildings, commercial building

LIEN POSITION:

First and Second mortgage

STANDARD TERM:

12 to 24 months

ADVANCE RATE:

90% to 100% financing of the total project cost, plus interest 15%, 4-6 points and closing costs can be financed to reduce funds required at closing. Will loan up to 80% of the After-Repaired-Value.

RENOVATION
FUNDS:

Renovation funds are usually advanced in one to three draws, and wired directly to your account. Rehab portion of the loan typically not to exceed 150% of acquisition cost unless otherwise approved.

PAYMENT:

No payments for up to six months available. Borrower may finance interest in loan proceeds at closing.

POINTS:

Points can be rolled into loan balance at closing and may be partially rebated upon early payoff.

FEE & CLOSING COSTS :

Closing Costs can be financed as part of the loan proceeds. $1,550 commitment fee is required with all new application.

GUARANTEE:

Personal guarantee required.

QUALIFYING DOCUMENTS :

1003 Loan Application and copy of credit report

Three months of Bank Statements (both personal and business)

Current statements supporting liquid assets

Additional equity can be used to qualify.

LOAN DOCUMENTATION:
(For Each Loan)

Purchase Agreement

Summary of Rehab Work to be completed

Builders Risk Insurance

After-Repair-Value Appraisal

Title Policy

QUICK FUNDING:

Two weeks. No need to reapply for subsequent transactions. One time account set up fee is required.

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