I got information about a rehab/fix & flip program and wanted to know if this is a good program of if anyone knows of something better. Here is general info:
one time credit check per year
one time application fee per year-regardless of how many rehabs are done
no payments for 6 months
loan term 6 months but can be extended to 13 months at 15% interest only payments and 1% extension fee for every 3 months extended
funding within 2 weeks once approved
up to 70-75% after repaired value used, depending on how much is put down
4-7 points: depends on credit and amount put down on project
Please reply if there is anything better out there