Updated almost 9 years ago on . Most recent reply
Las Vegas - rehab loan
Is there any lender here that offers a conventional, construction loan that is flexible? Or know of someone? We are purchasing a primary residence in Las Vegas. The loan I'm looking for is something similar to what First Interstate Bank offered us when we bout our house in Wy. Primary residence 5% down (after repair value), during rehab period we only paid interest and refinance (to market rate) once it was inspected. Bank didn't require the work to be completed by a specific contractor (they didn't need to have additional licenses as FHA 103k), we were able to choose our own contractor and or do the work ourself and pay for material ourself and then get reimbursement. We were able to use the difference of the sales price loan and up to 95% after repair value. The only fee that we paid the bank (other than 5% interest during rehab work) was 1/2% origination point (sales price) and at the refinance 1/2% after repair value plus processing fee. Any help is appreciated! I have talk to a couple of bank but they charge lots of added junk fees and don't allow us to do the work ourselves.