Recasa
Anyone taken out a rehab loan by Recasa? They seem like they have their stuff together, and accept only very qualified candidates, which is why they claim a 100% payback rate! Wow. They must be uber-selective. It doesn't sound like it's scammy in any way, but just wondering if anyone actually used them.
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Yes, Recasa wants a lien on your personal residence and also has very detailed underwriting, akin to obtaining a conventional mortgage. Quoted rates are 9.5% plus 5 pts. They also originate conventional mortgages and have full NMLS licensing, which is probably why they are comfortable taking personal residenc collateral. They are a vendor partner to cincinnati reia and very reputable.