95 Percent LTC Rehab Loan
Fico: 680 +
Loan Terms: 12-18 months interest only
Loan Size: $150,000+
Max LTC: 90% of purchase price and 100% of rehab not to exceed 95% of the total deal cost (purchase price plus rehab budget).
Interest Rate: 11-13%
Lender Points: 2-4 points
Pre-Payment Penalty: No PPP
Use of Funds: Ground up construction and rehab loans.
Cash Requirements: Borrower must have $20k minimum cash in the deal & needs to have cash reserves of 6.5% of the total deal cost in order for the lender to close.
Lending Territory: Connecticut, Florida, Maryland, Massachusetts, New York, New Jersey, Pennsylvania, Virginia & D.C.
Closing Time Frame: 14 business days
Appraisal Cost: $450-$600 per property
The borrower must have completed 6 deals in the past 2 years (bought and sold) to qualify for this program. The lender will ask for the Hud-1’s to prove it. No GAP funders. Down payment and reserves must be from the guarantor.