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


Property Types: 1-4 unit investment properties. Standard commercial properties also considered.


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


Exit Strategy: The Exit strategy for the borrower must be a sale for this loan product.


Special:

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.