Has anyone heard of Axium Rehab Lending?

10 Replies

Has anyone heard of this HML? They supposedly lend at 100% of purchase and rehab. Yet, something doesn't feel right about their communication. I looked up their address at 329 N main ave San Antonio Texas and the area looks sketchy too.

Hey @Royce Anies there are a few lenders here in town. The two that I know and would trust are: Streamline Funding and Corridor Funding. I will let you google them and find their info. I know both of the main people with that company and they are trustworthy folks. I am sure there are others, but I have recommended them and always got thanks for them both getting the job done.

@Royce Anies NO ONE as a company will do that. ME, I have some friends and family who do that for me. But they know me and trust me 100%. They lend me the purchase and rehab money so I get a check for the rehab at closing when I buy. I have not heard of any company that will do that, nor should they. It makes it too easy for people to take the money and run. My sister knows that I am not going to disappear, but does a company 2000 miles away from you know that???

They want you to have some skin in the game. If you start looking for companies to do that for you, you are going to get scammed, 100%. Work with a good quality company and you have nothing to worry about. Stop trying to get half a point off or get the absolute best deal on financing. If the deal works, it works at 8% interest and it works at 12% interest. If a couple of points in interest are going to kill your deal, its probably not a deal to begin with.

As an alternative there are investor rehab loans called HomeStyle and Choice from Fannie Mae and Freddie Mac. Down payment minimum 15% off sum of purchase price and rehab dollars, 30 year terms, low rates, no pre payment penalty, fix/flip or buy/hold/lease.

An example would be buying a property for 100,000 and needing 50,00 for the rehab , so its a 150,000 transaction. 15% down is 22,500. Then the rehab is totally financed with the purchase and its a 30 year amortization so no pressure to pay back a HML.

Now there are rules - no LLCs, only individuals so credit history matters, etc. The lender will want only a licensed GC or subs doing the work. But the ARV is projected by the lender's appraiser so you know if the numbers will work for you before the loan is even approved and can walk if it doesn't work. But as a bonus you can use 75% of projected future rent as extra income to qualify even if the plan is to never rent and flip.
If you need help with closing costs its always permitted to have seller provide a 2% credit off purchase price to help pay buyers closing costs on an investment property.

This is designed for novice investors. Those with many properties and cash on hand would not be the audience for this loan. But it can be a way forward. Stories in my Blog or ask questions any time.

@James Gleeson WHY!!!  When they ask for 3k up front, STOP!!!

Do they have to kidnap your family for you to realize they are not legit???

NO ONE who is legit will say you are preapproved through a random email and then ask for 3k, NO ONE!!! Stop worrying about them and stop talking about them. Find someone locally. You have to know other investors in your area. Ask them who they use.

@Royce Anies def not 3K upfront. Why is the 100% financing key to you though? I know and have worked with an HML that does 100% financing, BUT that doesn't mean they pay for everything. A lot of investors don't realize how much closing costs, appraisals, inspections add up to. If you have $0 and are looking for 100% financing it won't get you to closing. If you have $30K it might be a different story.