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Renovation Loans
For a Rate and Fees quote call
800-390-7536
Brokered Renovation Loans
This program is designed for Borrowers who need to finance the renovation or expansion of a property they currently own or they plan to purchase. Non-Owner Occupied properties allowed. Please call for details.
General Guidelines*
- Loan amounts from $95,000 to $5,000,000
- Loan amounts up to 85% of the appraised value on single family, owner occupied, full income documentation, conforming loan amounts up to $766,550. Loan amounts over $1M, up to 80% of appraised value may be considered. Cross collateralization allowed on other properties, if needed, for maximum or greater loan amounts
- Lender will advance up to 75% of the purchase price towards the acquisition of a property
- Foreign Nationals are eligible for this program
- Deal directly with the Loan Officer/Underwriter
- Fast pre-qualification, typically within 3 – 5 business days, closing typically within 30 days (fast track closings in 14 +/- days available if certain criteria is met)
- Loans are available to Borrowers with excellent to less than perfect credit (subject to underwriting)
- Flexible draw schedules
- 1 to 4 family homes, refer to Commercial Construction for more than 4 units
- 12 month construction term with extensions available
- Interest only payments based on funds advanced
- Borrower may act as own General Contractor or hire a qualified Builder. No site supervisor required
*All rates and terms subject to change without notice
Rates and Fees
(Based on credit score, income, savings and LTV)
- Rates: Prime Rate plus 2.25% to 3.75%+
- Loan Fee: 1.25% to 2.00%
- Application Fee: $295
- Fast Track Closing Fee: $1,250
- Underwriting Fee: $425
- Maximum Broker Fee: 1.375% to 2.00% (subject to Broker Compensation option)
To start the pre-approval process, download the Loan Submission Form above and include a completed 1003, current Tri-Merge Credit Report and appraisal, if available.
