Search the Community

To qualify for a rehab loan from Rehab Funding Group will require the following: A credit score of at least 620 Documented income sufficient to make the rehab loan payments An identified 1-4 unit non-owner occupied residential investment property acceptable to the funding source No bankruptcy proceedings within the prior three years Legal residency in the United States Your primary residence is within 60 miles of the collateral property Positive history of making mortgage payments Our terms below will be based upon the characteristics of the borrower and the term of the loan. The basic terms on private hard money loans/rehab loans include: Repair Funds: Up to 100% of repair cost. Points: 3 – 5 points (Paid at closing). Interest Only: 13.9 – 15.9% (Payable monthly). LTV: Up to 65% (Based on After Repair Value) – On most loans we will fund 100% of the purchase and rehab costs up to 65% of the After Repair Value (ARV). As an example, if a property costs $100,000 to purchase and $50,000 to rehab, the property would need to appraise for at least $231,000 in order to justify a loan amount of $150,000. Term: 6 – 12 months. You must sell or refinance the property to pay off the loan. Credit Score: 620 minimum – If your FICO score is below 620, you will need a co-borrower or guarantor. Loan Size: $50,001 to $750,000 – Minimum loan size is $50,001. States: Connecticut, Delaware, New Jersey, New York, Pennsylvania, Virginia, North Carolina, South Carolina and Maryland – We do not make loans anywhere else other than these 9 states. Again, that’s CT, DE, NJ, NY, PA, VA, NC, SC, and MD. If the borrower do subsequent loans with the Rehab funding Group , no application fee will be due. Once approved, They will provide proof of funds letters without additional cost. To talk to an loan officer about applying for a Rehab loan send your full name, Email address, contact number, type of financing, amount of funding needed to C_CM1958@aol.com.