Updated almost 10 years ago on . Most recent reply
Newbie Rehabber and Hard Money Lenders Turned You Down? I Won't!
Our hard money program is open even to newbie rehabbers like YOU.
We lend in the following states:
Colorado, Georgia, Illinois, Michigan, Missouri, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia.
This is hard money - don't expect interest rate below 12%.
Also, this is not 100% financing. I want you to have some skin in the game (and money to lose in case you screw up).
Here are our terms:
12% interest
4 points
12-month term
We finance up to 90% of the purchase price and 100% of the rehab or renovation cost. The total of the two cannot exceed 75% of the After Repair Value.
Minimum loan amount: $75,000
3-month reserve requirement - meaning, you have to have in your bank account, at least 3 months worth of interest payments.
To apply, contact Jai, the head of our Lending department at [email protected]