Rehab Loans
For borrowers who want to renovate their homes, or purchase homes to fix up and resell, we offer several options:
Scenario 1: A borrower already owns a property, and perhaps has a mortgage on that property. Provided we believe there is enough equity with an eye towards the finished value, we may offer a rehab loan to bring the property value up (typically for sale).
Scenario 2: A borrower may want to buy a property, fix it up and re-sell it. If the borrower has some of their own funds to invest in the property (at least 20%), we can loan additional funds for purchase and rehab.
- Rehab dollars are based on a written approved budget.
- Checks are written directly to suppliers and contractors.
- Each funding request must be accompanied by contractor bills and conditional lien releases.
- Periodic inspections are conducted to ensure the funds are spent on the subject property.
Scenario 3: Gregory Funding may offer "100% purchase and rehab loans" to licensed contractors.
- We purchase the property and are listed on the title.
- We fund the approved renovations and place the property for sale through Poplar Realty.
- When the property sells, the contractor receives the profit as if this were a loan.
- Periodic inspections are conducted to ensure funds are spent on the subject property.
- Since we own the property, this deal can only be offered to licensed contractors.
