Funding Terms: 1-4 family non-owner occupied $50,000 -$500,000
- 100% for purchase, improvements & soft costs – Up to 70% ARV
- Interest rate Prime plus 6.25%. Minimum interest rate is 9.5%
- Monthly Interest Only Repay
- Principal due at maturity
- No prepayment penalty
- Loan Period 9 Months
- Origination Points 3
- Loan Commitment Fee 5% – Rolled out of the loan
- Credit History – A minimum middle credit score of 680 for all applicants.
Lender Doc Fee up to $450.00 for each project
The appraisal will be ordered by Lender. The cost of the appraisal is the financial responsibility of the borrower.
Prior to Closing; Title Insurance, Builder’s Risk Insurance and Survey are required.
Repayment – Monthly interest-only payments.
You will receive a decision in 2-3 business days upon submission of a complete rehab loan package.
Funding available fo the following states:
Ohio, Pennsylvania Tennessee, Kansas, Missouri, Indiana, Illinois,
North Carolina, South Carolina, New York & New Jersey
Small investors buying distressed REO properties
Local investors are using their rehab skills and savings to profitably turn blighted properties into homes for those displaced by the recession. This cycle is providing needed local jobs, housing, and investment in communities across the country.
Vacant, deteriorating houses are turned into homes: Investors are doing what the bank loan modifications and government incentives haven’t been able to do. They are creating homes from vacant, declining houses that blight neighborhoods. Using their own money, sweatequity, and local resources, investors are improving and restoring these houses into occupied homes; all while providing a flow of new capital and jobs into some of the hardest hit communities.
These investors make substantial improvements and then either resell the home to an owner occupier (sometimes with owner financing) or lease it to a renter.
Scores of new, local investors:
Demand is surging with thousands of new and part time distressed property investors. They are overwhelmingly local, pouring needed capital and resources into their communities, and reducing widespread vacancies plaguing some of the hardest hit neighborhoods.
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