National Rehab Lender Rehab Loans for Fix and Flip Florida Investor Mortgage

Rehab Loans

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REHAB LOANS

Please note before applying - this program now requires a minimum 40% down payment regardless of appraised value. Min loan amount of $100,000. Please refer to Florida Hard Money page.

Rehab lending has become a very desirable option for many savvy investors. With the rapidly increasing inventory of foreclosed homes and other bank owned REO's available to investors the rehab loan is the perfect financing tool to help keep out of pocket costs to a minimum. Our rehab program is designed for professional flippers in mind. We have created a niche program that is designed to help you maximize your profits by requiring little to no money down and through the rehab process.

REHAB LOAN APPLICATION - email to This e-mail address is being protected from spambots. You need JavaScript enabled to view it

PROPERTY TYPE:

Residential 1 - 4 Family, non owner occupied properties
Condo conversions and 4+ unit apartment buildings considered on a case by case basis

LIEN POSITION:

First mortgage only

STANDARD TERM:

Six months with monthly extensions up to 13 months

ADVANCE RATE:

60% financing of the total project cost, interest, points and closing costs can be financed to reduce funds required at closing
Will loan up to 70% of the After-Repaired-Value

RENOVATION
FUNDS:

Renovation funds are usually advanced in one to three draws, and wired directly to your account
Rehab portion of the loan typically not to exceed 150% of acquisition cost unless otherwise approved

INTEREST:

No payments for up to six months
Borrower may finance interest in loan proceeds at closing.

POINTS:

Points can be rolled into loan balance at closing and may be partially rebated upon early payoff
Points may vary if borrower qualifies for one of Five Stars Mortgage's "Line of Credit" programs

CLOSING COSTS :

Up to $1200 of closing costs can be financed into the loan proceeds

GUARANTEE:

Personal guarantee is always required

QUALIFYING DOCUMENTS :

Completed Five Stars Rehab Loan Application email to This e-mail address is being protected from spambots. You need JavaScript enabled to view it )

Two years of Tax Returns (both personal and business)

Three months of Bank Statements (both personal and business)

Current statements supporting liquid assets

Credit report

LOAN DOCUMENTATION:
(For Each Loan)

Purchase Agreement

Summary of Rehab Work to be completed

Builders Risk Insurance

After-Repair-Value Appraisal (ARV)

Title Policy

QUICK FUNDING:

Once a borrower has been approved, funding of individual transactions is typically within two weeks
No need to reapply for next transactions

At Five Stars Mortgage we strive to partner with serious rehab investors looking to grow your portfolio. We have implemented the following requirements for approval of our rehab loans. Compensating factors such as experience may allow some flexibility:

$20,000 in assets (preferably liquid assets or assets able to be liquitaded in case of emergency)

One of the advantages of setting up your capital in advance with Five Stars Mortgage is the ability to do multiple deals without having to reapply each time! We provide proof of funds upon approval which allows you to make competitive offers on properties. Watch your rehab business grow from the added volume of deals you can do with the help of Five Stars Mortgage and our rehab loans.

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