What is Temp to Perm Loan?
Once you find a property you like and want to snatch it off the market quick. We provide “temporary” funding, a short-term loan, so that you can purchase the income producing rental property fast. In this market, cash buyers have the competitive edge, so being able to show a cash offer is critical in closing deals. Once the deal is closed, we set you up on a draw schedule so that you can begin to make the renovations to the property, getting it ready to rent. Once renovations are complete, we then refinance the temporary hard money rehab loan into a “permanent loan”. The permanent loan will come with a lower interest rate, helping that property cash flow well.
Why should I utilize a Temp to Perm loan?
- Avoiding the traditional 20% down payment conventional lenders require. Keeping more of your cash in your pocket.
- Purchasing an off-market property as a rental in a competitive market. A cash offer to can help secure the deal.
- Bad Credit Loan. Credit or financials may not be high enough to get in a conventional loan.
- Looking for 100% hard money loan financing. We offer no money down financing if be property is bought well.
TEMP TO PERM HARD MONEY LOAN GUIDELINES.