Renovation Resource Capital
What are the characteristics of this short-term investor loan?
- 6 to 12+ month loan terms
- First Liens only
- 70% loan-to-value for bridge, 80% loan-to-cost for renovation
- Loan size between $75K and $1.5MM
- Interest only
- Non-owner-occupied business purpose
- Disbursement schedule for funding to facilitate Rehab activities, if rehab is funded by Renovation loan
What are the borrower requirements?
- Loans to business entities (including sole proprietorships)
- 620 minimum credit score (middle score) with fraud check included
- Documented liquidity to support, down payment, repairs (borrower funded) if applicable and 2 months payment reserves
- Personal guarantees required for all principals with ownership > 50% for all entities
- Experience level must be documented and can affect pricing and LTV Minimum 1 completed project for qualification Minimum 10 completed projects for max Loan to values on exception bases
What are the collateral requirements?
- Residential properties (SFR, 1-4F, Condo, Townhomes, PUDs, or Fee simple only) Property must have or have had a certificate of occupancy Hazard insurance required, flood insurance if applicable.
- No Rural properties classified as operational or as businesses, manufactured homes, geodesic domes, cooperatives, or log cabins
3 Steps to Get Started
Step 3: Follow-up
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