You’re probably heard about the benefits of investing in real estate. While many types of people invest in real estate, many others feel they simply can’t afford an investment property. Temp-to-perm loans are a solution for these individuals as they give people the temporary funds needed to fix up an investment property. Below, we will explain the basics of this popular type of loan.
Who Should Apply For a Temp-To-Perm Loan
A temp-to-perm loan is a great option for anyone who is looking for temporary funding for the quick purchase of a property. The real estate market moves at a notoriously quick pace, so these loans allow borrowers to secure funds quickly. Certain borrows might also be able to finance their closing costs and other expenses.
Understanding the Terms and Fees
You can click here to learn all about the terms and fees associated with our temp-to-perm loan. The loan term is one year with automatic renewals at 6 and 9 months. The initial APR is 7%. If the loan is not paid off within 60 days, the APR increases to 13.99%.
Applying for Your Loan
Are you ready to invest in real estate? At Red Door Funding, we strive to make the process as streamlined as possible. Explore our website to learn more about the loans we offer and download your forms today. If you have additional questions, give us a call at 832-539-1099. Our staff will be happy to assist you.