any private money or brokers that can give me a breakdown of criteria for getting 70 ltv on rehab properties n/o/o. single family units up to 4 units.
Moose. You may get a better response if you post this in the Financing, Hard Money Forum.
o.k. you excited about the cavs comming to your area for practicing?
absolutely! However, I never seem to have the time or opportunity to go to games or practices. Our office used to be in Strongsville so we would go up to Browns practices. 8)
sweet…go buckeyes!
Do you need hard money (credit issues) or do you want a rehab loan?
There are local banks that will go up to 80% ARV on investor rehabs with a 680 FICO.
Keep in mind that unless you have a documented history with rehabs the lender will require the rehab work be performed by a GC.
- fill out quick 2 page info form
- no experience required for most projects, all scores ok, no federal tax liens
- income/assets not verified
- prequal given on your merits in 2 days
- 70% arv
- payments & costs taken out first
- rehab funds put in escrow and released for work completed an inspected.
- any shortgage to be brought in or seller/anyone can hold a 2nd lien.
- 6 month loan
- once you find property you’ll need a contract, scope of work, comps, exit strategy, and bio.
- owner/nonowner
- 1-4 units, mixed use, some commercial
- $50k minimum
- avg. 2 week closing time.
- nationwide
Higher ltvs available to those with scores 640+ and can show income/bank statements. Ratios not calculated , lender just looking for cashflow and ability to make payments. Similar structure to above but restricted markets, OH ok. Need 2 past projects and equity in other properties.