Brookview Financial Rehab Loans

Rehab Loans
Rehab Loans
PROPERTY TYPE: Commercial loans on 1 - 4 Family investor properties and small apartment buildings. Larger Commercial loans financed in our Commercial Hard Money Division.
LIEN POSITION: First mortgage only. 
STANDARD TERM: 6 months with monthly extensions up to 12 months.
ADVANCE RATE: Up to 100% of the purchase and rehab, subject to: (i) a minimum borrower funded reserve of 12.5% of the loan amount and prepaid interest for six months, and (ii) up to a maximum LTV of 65% of the After-Repaired-Value of the property.
Renovation funds are usually advanced in one to three draws, and wired directly to your account. Rehab portion of the loan typically not to exceed 100% of acquisition cost unless otherwise approved.
GUARANTEE: Personal guarantee required.
QUALIFYING DOCUMENTS : Investor Assessment Form
(For Each Loan)

Purchase Agreement

Summary of Rehab Work to be Completed

After-Repair-Value Appraisal (Obtained by Brookview)

Title Policy (Obtained by Brookview)

Brookview Deal Submission Form

Pictures of Rehab Property

Home Inspection

3 months of Bank Statements

2 years of Tax Returns

3 Most Recent Paystubs

Signed 4506-T

QUICK FUNDING: Once a borrower has been approved, funding of individual transactions is quick. No need to reapply for subsequent transactions.