We offer 2 programs for those who would like to get purchase and rehab funds for investment properties. The programs will vary by location. These programs have become very popular with purchasing REO properties. Each program can typically close in 2 weeks once all docs and applications are in.
Program 1: 100% Purchase and Rehab
•· 100% of the purchase, cost of rehab and soft costs
•· Lending up to 70 - 75% of the after repaired value
•· 9 month loans
•· Rates starting at 9.5%
•· Full Doc**
•· 680 credit (660 on case by case)
•· Must live and own primary residence in same state as property you are borrowing on
•· Borrower can close as individual, LLC, C-Corp, S- Corp, partnership or trust.
•· This program is good in Michigan (except Warren and Detroit), Ohio, Indiana, Illinois, Missouri, Kansas, Tennessee, North Carolina, Pennsylvania, and New York
Program 2: 95% Purchase and Rehab Loan
•· Lending up to 70% of the after repaired value
•· 1 - 4 units, small apt. complexes on case by case basis
•· 6 month loans (no payments) with extensions up to 13 months
•· Rates up to 15.99%
•· Full Doc**
•· 640 credit
•· Do not have to live in state in which you are borrowing on
•· This program is good in most states program 1 is not available in and can do Detroit, Michigan properties.
** Full doc includes 2 years tax returns (personal and business), 2 years W-2's, Last 2 pay stubs (if W2 employee), Last 2 months bank statements (personal and business), Schedule of Real Estate Owned, Asset information (401K, IRA, Stocks), copy of drivers license and social security card.
If you have any questions, please e-mail us at easternmichiganinvestments@comcast.net or call 248.453.5336.
Thank you,
Scott Walter
248.453.5336 - Office
248.659.1630 - Fax
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