So, you have started on a “flip” project, one you thought would be smooth as silk and make you a lot of money. But the plumber just called and told you the galvanized pipes in the house are filled with corrosion, causing low water pressure. Real estate rehab loans can make that project go faster than you could have imagined because you will not have to wait for a bank to come through with the money you need. Red Door Funding is here to get that project back on track and get your flip ready for the housing market.
Additionally, there is no penalty if you close sooner than expected and pay off the loan early. We understand how the housing market and the process of the flip works. Some lenders will not lend you money on a house that is not in “living” condition, so if you already started the demolition, or removed the plumbing and wiring, you may not be able to get a conventional loan to complete the project. Call Red Door Funding to get the money you need, regardless of the condition of your renovation project. Our appraisers look at the finished product’s value.
NOTE: A flip, in investment terms, is a form of buying a property with the objective of either fixing it up and selling it for a profit or holding onto the property through a “hot” real estate market until the property appreciates enough to make a profit.
What We Do for You
We can get you a loan for up to 70 percent of the finished house’s appraised value for a period of up to six months. Assume the finished home’s appraised value is $200,000; we can lend you up to $140,000 for alterations. How much of that money you decide to borrow is up to you. We will not make you borrow more than you need just to meet a quota. Additionally, we offer a one-time extension of three months after all renovations are made and you are awaiting auction or closing, subject to Red Door approval. Of course, you could roll over the amount borrowed into a long-term mortgage with the bank if the renovations turn out better than expected and you decide to keep the property.
Getting real estate rehab loans with Red Door is always quicker than waiting for banks, credit unions, or other lending institutions.
With a conventional loan, you could be locked into a 15 to 30-year loan with a penalty for early pay-off. Plus, you will likely need to come up with a 20 percent down payment on top of your property investment expense. These are probably not the kind of loans you want for real estate rehab loans if you are planning to flip the property after completing renovations.
Where to Get Real Estate Rehab Loans Quickly and Easily
When you need quick cash at a reasonable interest rate, call (832) 539-1099 and allow the professionals at Red Door Funding to lend you the cash you need to get the job done right. Another option is to fill out the credit application online here. This is a secure site and your personal information is always safe.
Keep in mind that Red Door must be the first lien holder. The area around Houston, Texas, particularly Stafford, Tomball, Sugar Land, Pecan Grove, and other small communities, are ripe with real estate speculation opportunities and there are plenty of homes to flip. So, whether you need a little cash to finish up, a lot of cash for the complete renovation, or somewhere in between, fill out the easy-to-use contact form to contact us about your financial concerns or send us an email: dwilliams@reddoorfunding.com.