Rehab loans are short term solutions for property acquisition and repair. Typically investors sell the property or put into service as rental properties though a long term mortgage solution. see Texas Investment property loan overview of long term options
I. STEPS for the REHAB - HARD MONEY LOAN
- Apply (online or download the hard money application)
- We send approval letter so you can make offers on your investment property
- Once you have a contract, we review property with you and schedule appraisal or site visit.
- We issue loan terms for closing
- Generally our side is ready to close in 10 days (as fast as 3 days if needed)
II. LOAN CRITERIA FOR HARD MONEY REHAB
TEXAS HARD MONEY LOANS FOR :
CASHOUT – UP TO 70% LTV
PURCHASE & REHAB– UP TO 70% ARV
OR 80-90% OF PURCHASE PRICE (the better your deal, the higher the LTV on purchase
PURCHASE AND REHAB LOANS (in Texas 1st and 2nd markets)
CROSS COLLATERALIZE OTHER PROPERTY (NO OUT OF POCKET POSSIBLE)
SHORT SALES SOLUTIONS
EVEN LONGER TERM TO 30 YEARS POSSIBLE (soft money from 9.5- 10.5) rental property loans
III. LOAN MATRIX :
| Geographic Area: |
Texas (austin,dallas,san antonio,houston) and the surrounding suburbs. Others considered.
Dallas- Fort Worth (North Texas Area)
Central Texas ( Waco,Belton,Temple)
Austin – San Antonio (South Central including Surrounding areas , like
Roundrock, Cedar Park, Lakeway, Dripping Springs, to Boerne, San Marcus, Kyle
South Texas (Harlingen,McAllen, Cameron and Hidalgo Counties , South Padre area and more |
| Property Type: |
Residential (non-owner occupied),( 1- 4 unit)
owner occupied available with 25% down and 600+ credit.
Commercial (see commercial hard money site) |
| Loan Size: |
$35,000 Minimum-No Lending Limit/Cap (may go lower , will not loan on property worth less than 90k ARV |
Loan Term:
Loan Purpose:
|
1 year - 3 years for hard money -bridge
10 -30 years for our proprietary rental property loans
New spec construction (500k +, non recourse available at under 8%)
cash out on your single family or portfolio
Purchase and rehab
|
| Interest Rate: |
Interest Only-Varying depending upon LTV, Credit, Term, Etc.
from 9.5 %
7% specials on hard money
Rehab Hard Money from 12 - 13.9% |
| Loan Origination Fee: |
2.5 - 5 Points (pending ltv, loan size and complexity) |
| Loan to Value: |
Up to 75% on residential rehab.
(varies by property and location) |
|
