Phone: (410) 661-8300
Address: 11240 Reisterstown Road, Owings Mills, MD 21117
States They Lend In: Maryland
“RehabMax” Loan Terms
Loan Interest Rate:
Our standard interest rate is 14.50%, – (15.00% for our 9 month special low closing cost program)
This applies to our most common loan product for Rehabbers that plan to fix and flip a property within 12 months. Other loan programs are available for different loan scenarios. (See below for other loan options)
12 Months, Interest only, *9 month terms available for special low closing cost program-Minimum loan size=$75,000
NONE – (some exceptions may apply for Special circumstance loans)
4.5% or $3,295.00, whichever is greater for our standard 12 month loan, all points paid at closing.
* 9 month/low closing cost program requires 2% points paid at closing, remaining 3% points collected at payoff. Standard 9 month loan fees apply=4.5% or $3,795.00, whichever is greater
Down Payment Requirement:
In most cases our typical down payment requirement is 20% of the Contract Purchase price.
We generally finance 100% of the rehab/renovation cost if applicable. Down payments exceptions may be available on a case by case basis, depending of experience and other factors.
Max Loan to Value-(LTV)
We lend up to 65% of the “After Repaired Apprised Value”-60% in Baltimore City
YES-We lend in Baltimore City, we are Baltimore City specialists
How do I apply and Get Pre-Qualified?
If not supplied to you direct, Go to the loan information/application tab and complete the credit authorization pre-qualification form while on-line, print, sign and mail in with application fee (one for each applicant, married couples complete one each) and a coversheet of any relevant or useful information we should know about to better qualify you or any special circumstances that you would like for us to be aware of that better explains information about your particular project.
Other Loan Options:
We do transactional funding for fees as low as $1,000
We also offer longer loan terms of 24 to 36 month interest only loans and up to 20 years Fully Amortizing loans for clients that plan to keep properties for long term or who require special circumstances due to property type or other factors.
We do NOT have a one size fits all mentality, we think outside the box, if we can make your deal work, we will.
More useful information:
- All of our Loans are “NO DOC” to Lite Doc
- There are NO PRE-PAYMENT Penalties for Any Loan we offer!
- (Exceptions may apply for Special circumstance loans)
- Turnaround time on loan requests for funding loan commitments is usually within 24 hours after property inspection.
- At that time a letter of intent of loan approval terms will be issued to the borrower with a 72 hour window for review and acceptance.
- A credit for these fees will be issued and shown on your final settlement statement at closing.
- We do not lend to Homeowners. Borrowers are NOT permitted to live in the property or buy and use for personal use.
- Our loans are for Rental properties, Residential Investment rehab and sale or Commercial Properties and or for business or commercial use purposes only.
- The advantages to you, the “Rehab Real Estate Investor”, is obvious. With a “RehabMax Loan”, you can purchase a property quickly and easily without qualifying for traditional conventional or bank type mortgage financing with limited out of pocket expense and with limited or No Income/Asset Documentation.
- Most closings occur within 10 business days after acceptance of loan terms
- We also finance Mixed use, Multi Unit and small commercial properties and small strips