As a relationship rehab lender, it is our goal to be reliable and responsive to your needs. During our initial conversation, we will explain the process of a rehab loan and send you an application, if requested. Your first step would be to complete and send back our application along with the rehab loan application fee. You can also use our house flipping business plan template to help you get organized. Listed below are some of our rehab lender criteria and information we require for approval of a hard money rehab loan.
As part of the hard money rehab loan process, we require:
|Property Type||Residential, non-owner occupied 1-4 family residential investment properties located within our lending areas: Alabama, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Montana, Minnesota, Mississippi, Missouri, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia and Wisconsin.|
|lien positions||First mortgage only|
|standard term||8-12 months; Up to 18 for ground up|
|Rehab Funds||We lend 100% of the repair funds and 100% of the purchase price, up to 70% of the After Repair Value.|
|Release of Rehab Funds||Rehab funds are usually paid in one to three draws after verification of repairs, and mailed to you or wired directly to your account.|
|Points||Paid at closing|
|Closing Costs||Paid at closing|
|Guarantee||Personal guarantee required|
|Required documents||A completed Rehab Financial Group loan application & supporting documents, which may include, but are not limited to: (i) Two years of federal tax returns (both personal & business) (ii) Three to six months most recent consecutive bank statements (both personal & business). (iii) Two most recent paystubs (if applicable). (iv) A copy of your driver’s license.|
|loan documentation||(i) Purchase Agreement. (ii) Detailed Repair List itemizing cost. (iii) Builders Risk or Liability Insurance prepaid for term of loan. (iv) Inspection Report verifying work to be done and cost (obtained by RFG) “As-Is” and “After-Repair” value Appraisal.|
|quick closings||Once a borrower has been approved, closings can be held within a few days of receipt of appraisal and inspection reports along with proof of payment.|
Call us toll-free at (877) 969-2813 to speak with a lending specialist for additional information.