Investor loans for existing one to four family residential properties for the purpose of rehab and resale, or rehab and roll into permanent financing.
Interest only.
No pre-payment penalty.
Loan term up to six months.
A one time, three month extension can be requested if all repairs are complete. Extension is subject to a fee of 1% and approval is at the discretion of Red Door Funding.
Red Door Funding will lend in the first lien position only.
Interest payments are due on the first day of each month.
INTEREST RATE
The annual percentage rate is 15-7/8%.
LOAN TO VALUE
Up to 70% of the After Repaired Value of the property.
REPAIR FUNDS
Repair Funds can be financed, held in Escrow and dispersed on a Draw Basis as long as the Loan to Value criteria is met.
A 125.00 Inspection Fee will be charged for each Draw Request.
FEES
Loan origination fee of 3-5% of the loan amount.
Appraisal fee of 350.00.
Loan processing fee of 725.00
Attorney fee of 250.00
Red Door Funding 100 Avenue B Suite 100
Stafford, TX 77477
832-539-1099 info@reddoorfunding.com
