We are offering up to a 95% LTC Rehab Loan program. Please see below for further details about this great program. If you would like further information please contact me at [email protected] or 877-957-4357 x709
Fico: 680 + Loan Terms: 12-18 months interest only Loan Size: $150,000+ Max LTC: 90% of purchase price and 100% of rehab not to exceed 95% of total deal cost (purchase price plus rehab budget). Interest Rate: 11-13% Lender Points: 2-4 points Property Types: 1-4 unit investment properties. Standard commercial properties also considered. Pre-Payment Penalty: No PPP Use of Funds: Ground up construction and rehab loans. Cash Requirements: Borrower must have $20k minimum cash in the deal & needs to have cash reserves of 6.5% of the total deal cost in order for lender to close. Lending Territory: Connecticut, Florida, Maryland, Massachusetts, New York, New Jersey, Pennsylvania, Virginia & D.C. Closing Time Frame: 14 business days Appraisal Cost: $450-$600 per property Exit Strategy: Exit strategy for the borrower must be a sale for this loan product. Special:Borrower must have completed 6 deals in the past 2 years (bought and sold) to qualify for this program. Lender will ask for the Hud-1's to prove it. No GAP funders. Down payment and reserves must be from the guarantor.
