I've come across a loan program offered by one of our lenders who is providing rehab loans for REO properties that need repair. We won't get to the numbers today but I though I'd share some initial information with you all.
Renovation Loan: The renovation program allows a customer to finance the purchase price or the existing balance and the cost of improvements (both hard and soft costs) into the loan amount. This is achieved by using the after improved value of the property. It is a single close fully amortized transaction. All work is completed after closing.
Renovation Purpose: Renovation Lending give my clients the chance to change what they can afford into what they dreamed of.
Value Proposition To You (Buyer & Seller):
Availability of financing to turn a home into your dream home
Seller does not need to make repairs prior to sale
Seller has availability for more buyers
More will be discussed tomorrow.
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