Rehab Hard Money Loan Programs We are constantly changing our programs to better serve you, our investor community......... With the ever changing mortgage industry, some loan programs that were available in the past may now require higher minimum credit scores, full documentation or a down payment requirement. I have dropped some lenders and have picked up new lenders to offer more flexibility.
****All loan programs are not the same and not offered by all of our lenders.
I’ve listed their similar requirements on each program to better inform you of what is available. If you have a property that you are interested in, please send me the scenario (purchase price, cost of rehab and the projected ARV) via rehabloans@verizon.net.
If you are looking for 100% financing, take a look at our programs. The lenders that we have compiled offer 100% of the purchase, 100% of the repairs and in most cases, 100% of the closing costs. With terms as little as 6 months up to 25 years (yes, that is right… years), you have several options.
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Quick-Flip Program - (NOO only)
LTV: up to 65%
Points: up to 8
Interest Rate: 13.5%
Rehab Term: 4 months
Repair funds: Escrowed
Interest Reserve: as much as the LTV will allow
Credit Score: 600 minimum (lower scores on case-by-case) Down payment: 5%
No Hassle Rehab Loan Program - (NOO)
65% ARV (after-repaired value) Subject to
15% interest only payments
2 year balloon
Credit Score: NOT score driven but still looks at credit
Points: up to 8
Down payment: 0
Classic Program - (NOO only)
LTV: up to 70%
Points: up to 7
Interest Rate: 15.25%
Rehab Term: 12 months or 24 months available
Repair funds: Escrowed w/ partial release at closing
Interest Reserve: as much as the LTV will allow
Credit Score: 600 minimum (lower scores on case-by-case)
Appraisal - paid up front
Survey - not required
*Down Payment: 5-10%
Platinum Program - (OO or NOO) CONVENTIONAL 1-4 UNITS
LTV: up to 75-80%
Points: 5 (includes lender & broker points)
Interest Rate: starting at 8.5% (9.17 APR)
Term: 3/1 ARM - 25 or 30 yr term
PPP: 1% for 3 years
Repair funds: Escrowed w/ 10% released at closing Credit Score: 680 minimum
Reserves: 9 months PITI
Down Payment: as little as 3%-5% (based on purchase & repairs only)
Appraisal & Insurance - prepaid up front
Survey - required
No Assignments allowed
*If you don’t meet the minimum credit requirement, a co-borrower with the minimum can be added to loan.
Disclaimer: Rates, terms and programs are subject to change without notice.
Mailing Address:
Investors Rehab Resources, Inc LMBB
4345 Gunn Hwy, POB 168, Tampa, FL 33618-0168
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Getting Started - email the following:
- Copy of your credit or mid credit score
- Purchase Price
- After Repair Value (Subject to value) (Appraisal-if have)
- Estimated Costs of Repairs
- Address of property
Email me @ rehabloans@verizon.net
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