Address: 1062 Lancaster Ave, Suite 15C, Rosemont, PA 19010
States They Lend In: CO, CT, DE, FL, GA, MA, MD, NC, NH, NJ, NY, PA, RI, SC, VA
Rehab Financial Group provides rehab loans for qualified real estate investors requiring capital to purchase and rehab investment properties.
A leading rehab lender, Rehab Financial Group is run by knowledgeable and experienced lenders who are eager to help real estate investors succeed on their next rehab project. We offer competitive rates, interest only payments and no prepayment penalties or fees on our rehab loans. Take the time to find out why successful real estate investors and house flippers choose Rehab Financial as their only source for rehab loans. At Rehab Financial Group, rehab lending is our only business.
Up to 100% of repair cost
2.5-5 points (paid at closing)
12.9-14.9% (payable monthly)
Up to 65% (Based on After Repair Value) - On most loans we will fund 100% of the purchase and rehab costs up to 65% of the After Repair Value (ARV).
6-12 months - You must sell or refinance the property to pay off the loan
620 minimum - FICO scores below 620 will need a co-borrower or guarantor
$50,001 to $750,000 - Minimum loan size is $50,001
Do I Qualify?
The following checklist includes our requirements to qualify for a private hard money loan/rehab loan from Rehab Financial Group. You may check each requirement as it applies to you.
- A credit score of at least 620
- Documented income sufficient to make the rehab loan payments
- An identified 1-4 unit non-owner occupied residential property acceptable to RFG
- No bankruptcy proceedings within the prior three years
- Legal residency in the United States
- Your primary residence is within 60 miles of the collateral property
- Positive history of making mortgage payments
Frequently Asked Questions
How much can I borrow for my rehab loan?
We generally make loans of $75,000 to $500,000 and will lend up to 65% of the After Repair Value of the property that would be the collateral for the loan. Therefore, the value of the property, as well as your credit history and your ability to make the loan payments will determine how much you can borrow.
Will you lend to an LLC, LP or corporation?
Yes, we will lend to a legal entity as long as the principal(s) of the entity have sufficient credit history and will personally guaranty the loan.
How fast can my loan close?
If approved, your loan can close as soon as RFG receives an acceptable title, appraisal and inspection report, frequently in less than two weeks.
Do you require collateral other than real estate?
Generally, our loans are secured only by non-owner occupied residential investment property. Only in special circumstances would additional collateral be required.
Do you lend on purchases only, or would you lend on refinance?
RFG lends money for both purchases and refinances of rehab properties. All “cash out” from refinances, however, must be retained as rehab funds.
Will RFG provide a proof of funds letter?
Yes, RFG will provide a proof of funds letter after the potential borrower has been financially qualified. The proof of funds letter will be contingent upon further review of the borrower and the collateral.
Can I pay off my rehab loan before the maturity date without a penalty?
Absolutely! RFG loans don’t carry prepayment penalties or fees. You are permitted to pay off your rehab loan at any time prior to its maturity date without any penalty.
How do I calculate my monthly payment?
Take the total loan amount and multiple by your interest rate (depending on loan type and borrower qualifications, this will be between 0.139 – 0.159). Divide by 12 to come up with your monthly payment.
How do I calculate the points?
Depending on the loan type and borrower qualifications, this will be 3-5% of the total loan amount.