Whether you’re fixing up your own home or a recent purchase for resale, (commonly known as flipping,) you may find yourself in need of cash to complete the remodel. Quick turn-around real estate rehab loans provide large sums of cash for just that purpose. They have many benefits for the borrower besides just the convenience of receiving up to the appraised value of the finished product in a short time. There are no lengthy credit checks; your credit history is not as important as the value of your collateral, which is the home itself.
Why Real Estate Rehab Loans?
The main advantage of real estate rehab loans to fix up and flip a property is time. You will not have to sit in a bank, credit union, or other financial institution all day filling out forms and waiting two weeks to a month for an answer. You may need that money to buy supplies and make your payroll, but banking institutions don’t care about your payroll. All they care about is the bottom line from their perspective, which is your credit history and what they perceive as your ability to repay the loan.
On the other hand, Red Door Funding has the cash you need to keep things rolling. They’re not looking for the moon and stars to align in your favor before giving you a rehab loan to fix up and flip that property. At Red Door, the bottom line is the appraisal of your finished product.
How Can You Use Real Estate Rehab Loans?
You can use the cash we provide any way you need to use it, whether to buy roofing and siding products, pay the plumber, facilitate central heat and air, or even apply a portion of the cash to a line of credit at your favorite building supply store.
Will I Pay More for a Rehab Loan?
That depends on how you look at it. Long-term loans come with a lower percentage rate because they have a longer payback period, which makes the loan more expensive. Most real estate rehab loans are paid back with the closing money, which makes the loan a lot cheaper than a long-term loan.
When you use Red Door Funding to get the money you require to rehab that property and put it on the market, you will receive funds up to an appraised value based on the rehabbed project, not on how much a bank believes you will be able to repay.
Real Estate Rehab Loans from Red Roof Funding
Call the professional lenders at Red Door Funding, (832) 539-1099, and get the money you need to fix up that property and flip it. After the renovation, you may decide to switch to a long-term loan and keep the property. If so, you will be able to get more money, because the bank value is now higher. You can even complete a credit application online here. Visit our website or email us with questions or concerns at firstname.lastname@example.org.