Many people don't realize there is low interest money available for renovation. It can include money for the renovation as well and what is so good about that? simply this... you only pay points one time and get the purchase and renovation money all in one low interest loan.
Who does these loans? That is easy, but not that important, What is important is who does them well, often, and can close them fast. That narrows it down some to one company in the area... Prospect Mortgage. Now that we have that figured out, it still isn't good enough Who within that company can close these loans fast?
There are many who can do it at Prospect but who closes them the quickest. I can tell you from experience that investors should use one of the following people if you are looking for that investor loan product call the Fannie Mae HomeStyle® Renovation Mortgage.
Tom Huntley is the largest on the west coast and his team is really good. Tom is based in Santa Rosa and can do loans all over the country now.
Stephanie Brown is your contact in Walnut Creek area
Investors, it is important that you hook up with one of these LO's to fund your purchases and renovation projects. The advantage is that you can add swimming pools, all kinds of renovation, cover more neighborhoods you might work in, and while you get the money to purchase and renovate a property you only pay points one time as this is your "take out loan" all in one, low interest loan. No need to refinance out of it.
Prospect Mortgage is the only place to go for the Fannie Mae Investor loan product and Yes, we can work closely with the investor to insure the scope of work meets those requirements. This is a wonderful product if you cater to investors or if you are merely looking for a second home for a client.