IF you hear
yourself - or your client's - saying ...“We love
this home, but … “ or “If only it had a ___. “ We have the
Renovation Loan product to fix the “buts” and remove the “ifs."
Renovation Loans Solve Problems
- Helps in Low inventory markets…. Creates infinite possibilities.
- Allows the buyer to remodel to their own budget, specifications and taste.
- Allows buyers to take responsibility for repairs of property when sellers will not - or cannot put any money into the property,without delaying the closing of the as-is purchase.
How does it work?
- Contract is negotiated and written for as-is purchase
- Bids for repairs are added and loan is done for both as-is purchase and rehab combined
- Loan LTV is based on the subject to improvements value
- Loan is documented and closes—Seller and agents are paid.
- Rehab Contractor gets 5 draws and 6 months to complete the rehab