Looking for a Lender for a Rehab - Fix and Hold property

Charlotte, North CarolinaWantProfessionalsLender
Classifieds
2yFollow

Looking for a Lender for a Rehab - Fix and Hold property

Rahma Z.
Member since 2024 · 14 posts · 4 votes

Hello all! I am under contract on a property that I plan to rehab and hold as a long term rental. I'm looking for a lender with the best option with the lowest amount of down + 100% rehab. The lender I have used in the past has been fine but has recently changed their terms and i'm not looking to do 80% LTV. Any recommendations for lenders? Thanks in advance!

1Reply
52 views

14 Replies

Jump to latestLatest
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 667 votes
    2y
    Quote from @Rahma Z.:

    Hello all! I am under contract on a property that I plan to rehab and hold as a long term rental. I'm looking for a lender with the best option with the lowest amount of down + 100% rehab. The lender I have used in the past has been fine but has recently changed their terms and i'm not looking to do 80% LTV. Any recommendations for lenders? Thanks in advance!

    If you are looking for a bridge loan, the terms available to you will depend on the experience that you have and the size of the construction budget for the new subject property. If you have at least 2 to 3 completed renovation loans in the past 36 months, you should be able to find a lender that can give you 85 to 90 loan to cost and 100% construction hold back. Good luck 
    [email protected]860-538-3672
    ProAlpha Capital56 Reviews
    WebsiteView Page
    0Reply
  • Jason Taken
    Lender · Chicago, IL · Member since 2021 · 424 posts · 145 votes
    2y
    Quote from @Rahma Z.:

    Hello all! I am under contract on a property that I plan to rehab and hold as a long term rental. I'm looking for a lender with the best option with the lowest amount of down + 100% rehab. The lender I have used in the past has been fine but has recently changed their terms and i'm not looking to do 80% LTV. Any recommendations for lenders? Thanks in advance!


    Where's this project located?

    0Reply
  • Rahma Z.
    OP
    Member since 2024 · 14 posts · 4 votes
    2y
    Quote from @Jason Taken:
    Quote from @Rahma Z.:

    Hello all! I am under contract on a property that I plan to rehab and hold as a long term rental. I'm looking for a lender with the best option with the lowest amount of down + 100% rehab. The lender I have used in the past has been fine but has recently changed their terms and i'm not looking to do 80% LTV. Any recommendations for lenders? Thanks in advance!


    Where's this project located?

    In North Carolina 


    0Reply
  • Jason Park
    Lender · 5760 Northampton Blvd Ste 108 Virginia Beach, VA 23455 · Member since 2024 · 37 posts · 17 votes
    2y
    Quote from @Rahma Z.:

    Hello all! I am under contract on a property that I plan to rehab and hold as a long term rental. I'm looking for a lender with the best option with the lowest amount of down + 100% rehab. The lender I have used in the past has been fine but has recently changed their terms and i'm not looking to do 80% LTV. Any recommendations for lenders? Thanks in advance!


     Hey Rahma 

    The percentage of loans depends on your experience level for most HML, but I believe we have the loan you're looking for!

    0Reply
  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y

    we're at 30% down on the purchase and covering 100% of the construction . no income no doc no reserves and no experience required 

    0Reply
  • Account Closed
    Rental Property Investor · New Braunfels, TX · Member since 2022 · 409 posts · 408 votes
    2y
    Quote from @Jacob Sherman:

    we're at 30% down on the purchase and covering 100% of the construction . no income no doc no reserves and no experience required 

    So I've got an empty lot that is ready to build on, paid for in cash years ago. You will cover 100% of the construction costs, no income, no docs, no reserves, but I have experience. What are your terms?
    0Reply
  • Stacy RaskinBusiness Member
    Lender · Member since 2022 · 1k+ posts · 513 votes
    2y

    Lenders have different terms. There are some who have prepayment penalties. Some that don't. There are some that don't charge interest on the money for the rehab until you're reimbursed from the lender on it. There are lenders that offer 90% of property purchase (depending on borrower credit and property profile) and 100% rehab cost up to 75% ARV. If not 90% of purchase price, it will vary between 80-90% if approved depending on credit and property profile (location, how quickly properties move in that market, etc).

    There are other lending guidelines out there such as:

    • -Any level of investor experience
    • -Funding in as little as 10 days
    • -Credit scores as low as 640
    • -Non-owner occupied Single Family, Multi Family up to 4 units 
    • -12 to 24 month loan term with Interest Only payments. At the end of term, can either sell or refinance into a longer term fixed DSCR rental property loan. This can be done earlier as well if the property is ready before the term is up.

    Happy to connect to discuss further.

    [email protected]818-770-0340
    Bright Skyline518 Reviews
    WebsiteView Page
    0Reply
  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y
    Quote from @Account Closed:
    Quote from @Jacob Sherman:

    we're at 30% down on the purchase and covering 100% of the construction . no income no doc no reserves and no experience required 

    So I've got an empty lot that is ready to build on, paid for in cash years ago. You will cover 100% of the construction costs, no income, no docs, no reserves, but I have experience. What are your terms?
    Hey ! Would love to connect and discuss . On ground up construction we’re at 50% of land covering 100% of construction . Rates in the 13’s . Terms 12,18 or 24 months . How much is the land worth ? How much to build ? How much is arv ? 
    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Rahma Z.:

    Hello all! I am under contract on a property that I plan to rehab and hold as a long term rental. I'm looking for a lender with the best option with the lowest amount of down + 100% rehab. The lender I have used in the past has been fine but has recently changed their terms and i'm not looking to do 80% LTV. Any recommendations for lenders? Thanks in advance!


     Hey Rahma. 

    How many flips have you completed in the last 36 months? If you have 2-3 flips and the LTARV does not exceed 75% you should be able to obtain 90% LTV/100% rehab

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y

    how much experience do you have ? Do you have reserves ? If yes there is 10% down available 

    0Reply
  • Judith Aguilar
    Member since 2023 · 21 posts · 5 votes
    2y

    @Rahma Z. Hey congrats on the property, We lend in NC all the time, Happy to help, Will send you a DM. 

    0Reply
  • Katie Smith
    Member since 2023 · 348 posts · 190 votes
    2y

    HI Rahma! If you're looking for a partnership rather than a transaction lender, I'd love to help you. Do you attend any of the REIA's in NC? I'd be happy to put a face to the company name. Are you free for a phone call today?

    0Reply
  • Alex Hunt
    Lender · Member since 2022 · 441 posts · 134 votes
    2y

    Happy to take a look if you still need it!

    0Reply
  • Simmy AhluwaliaPro Member
    Lender · Atlanta, GA · Member since 2015 · 1k+ posts · 200 votes
    2y

    @Rahma Z. - we can do 100% fix/flip up to 70% of ARV in Charlotte, Fayetteville, Raleigh and Greensboro.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free