I have noticed a big swing in my business lately. Refinances have picked up but many applicants are up side down in there homes. So the majority of my business has been first time home buyers getting some great deals on homes and investors.
There are two types of investors I have been seeing.
1.) Investors who purchase, rehab and rent (PRR)
- Here is an example of what the PRR investors are doing
Purchase a home for $70,000 + Rehab Cost of $30,000 = X
We get the borrower a loan for 80% of X
Upon refinancing for long term finance borrower can usually get down payment back. End loan varies from 20 year to 30 year financing. Some borrowers opt for a commercial loan on property instead of Fannie Mae or Freddie Mac solutions.
2.) Investors who purchase, rehab and sell (PRS)
- Here is an example of what we are doing for the PRS investors
Purchase a home for $70,000 + Rehab Cost of $30,000 = X
We get the borrower a loan for 80% of X
We do not refinance these borrowers. Thier construction loan is either a 12 month or 24 month interest only balloon not.
If you have any questions about PRR mortgages or PRS financing please feel free to call.
Dax Dickson
612-578-9898
Learn more about commercial mortgage loan programs available in the Minneapolis & St Paul, MN Metro area that can help those looking to secure purchase rehab mortgage loans for properties that do not qualify for programs like private/hard money loans or the FHA 203K rehab mortgage loan.
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