Residential Rehabs Loans
We’re very happy to help you each step of the way to make sure your investment success.
Criteria for Residential Rehab Loans:
Non-Owner Occupied Property
Similar to other hard money lenders, we don’t lend on owner-occupied properties. This is due to the extra rules and regulations enforced by the Consumer Protection Act and Dodd-Frank Wall Street Reform. Lending on owner-occupied properties increases risk, which we need to steer clear of and protect you from.
No Manufactured, Mobile or Recreational Properties
The property must not be manufactured, mobile or recreational properties. A manufactured home contains of a type of prefabricated housing transported to sites of use. Mobile homes are manufactured homes which were built prior to 1976 when the HUD code governing building standards for factory-built homes was instituted. Recreational properties include agricultural property for farming, lake or river front property with a cabin, ranch land used to raise animals, or country living estates for weekend getaways.
Maximum $75K in Rehab Costs
The property must be not required more than $75k in repairs. This criteria goes hand-in-hand with the property value criteria: if you have to sink a large chunk of the loan into repairs, the deal isn’t as good as you thought. We want to keep you invested in good deals, rather than waste endless amounts of time and money pursuing deals which won’t give you at least a $10k return on your investment.
Meth, Mold or Fire Damage
The property must not have meth, mold or fire damage. A property with a history methamphetamine use/manufacture is nearly impossible to rehab. When meth is cooked or consumed in a home, dangerous chemicals are released into the air and saturate walls, ceilings, floors and carpets. Still this contamination can’t be detected by the human eye, exposure to meth byproducts can cause a serious injuries to your nervous system. Houses with mold or fire damage are also a major pain to rehab because they need gutting and rebuilding. They typically end up becoming money pits, leaving you with little-to-no return on your investment.
The property must not be sited in a rural area. Hard money lenders usually stay away from lending in rural areas because they attract a very limited pool of buyers. There are also no significant properties around to compare, therefore it’s hard to ascertain the true value of rural properties.
Significant Structural Changes/Add-Ons
The property must not have significant structural modifications or add-ons. Here, we’re talking MAJOR structural deviations from the original blueprints of the home, such as adding walls or levels to the home. These endeavors also end up being money pits, which extremely reduce the return on your investment. We prefer to keep the rehab on the simple side to reduce potential problems and to make sure you’re getting a larger ROI when all is said and done.
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