I wanted to make everyone aware of the renovation loan program we have available to your clients. This program provides for a 30 year fixed rate and one close for both the purchase price and property renovation. This eliminates the borrowers expense of having to go through 2 closings. Loan is based on property value subject to completion of planned renovation.
It also protects your client in a rising rate environment by locking in the rate on the funds and the renovation funds at the point of sale, saving your clients money and protecting them. Funds beyond purchase price are deposited at the title company in escrow and released for property improvement.
For more details please contact me at 417 447 7927 or 417 838 8298.
Darren Stewart
Oak Star Bank
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