“RehabMax” Loan Terms
Answers to the most frequently asked questions and our loan process
All of our Loans are “NO DOC” to Lite Doc
Our loans are “Interest Only” to keep payments to a minimum with No Pre-Payment penalty.
Our most common loan product is for Rehabbers that plan to fix and flip a property within 12 months.
We also offer loan programs for rental properties
12-60 Months, Interest only payments- (Amortizing loans available)
Down Payment Requirement:
We finance 100% of the rehab/renovation cost. Our typical down payment requirement is 10%-20% of the Contract Purchase price. Seller concessions are allowed.
NONE–We do Not charge a Pre-Payment penalty on our loans- (some exceptions may apply for certain special loan scenarios)
Max Loan to Value-(LTV)
We lend up to 65% of the “After Repaired Value”
We are Baltimore City specialists; YES-We lend in Baltimore City!
How fast can you close?
Our usual turnaround time for closings is 10 business days.
How do I apply to Get Pre-Qualified and a “Proof of Funds” letter to shop for offers?
Go to the “Loan Application” tab, complete the credit authorization form while on-line. Print, sign and mail in with application fee (one for each applicant, married couple’s complete one each)
A coversheet of any relevant or useful information we should know about to better qualify you or any special circumstances that you would like share with us that better explains information about your particular project is highly recommended.
Our Loan Philosophy:
We do NOT have a one size fits all mentality.
We think outside the box, if we can make your deal work, we will.
We lend on Residential Investment Fix & Flip properties, Rental properties, Raw land for development and Small Commercial Properties.
All loans are for business commercial use purposes only. None of the proceeds may be used for or are intended for any consumer or personal use. We do not lend to Homeowners. Borrowers are NOT permitted to buy or live in the property.
The advantages of the “RehabMax Loan” is obvious. You can purchase a property quickly and easily without qualifying for traditional bank financing with limited out of pocket expense.
Good Luck & Good Investing!
The Maryland Private Mortgage Lending Team