Los Angeles Residential Rehab Loan Lenders
If you have a property you need a rehab loan for, we can help. Our Los Angeles residential rehab loan company can help you. Have you decided you want to rehab, and flip a property? Excellent. We can help you get with a Los Angeles residential rehab loan. We are lenders who can provide loans for all types of loans. We’re happy to help you. One of the best ways to ensure we can help you, is by reviewing our criteria below. We want you to be profitable, and we want to give you funding as soon as possible.
10 Things To Consider for Los Angeles Residential Rehab Loans
The property should be something you are looking to purchase. We cannot lend against an asset you do not own. We lend on all sorts of properties and land – ranging from houses, such as single family residences, to duplex, 3plex, 4plex, warehouses, and even land.
The property should be no less than 900 square feet. This is self evident, because anything smaller – and it’s not going to be worth your time, or our time to fund.
The property should be profitable. As a Los Angeles rehab lender, we specialize in high-margin properties. It’s harder for us to lend, if you don’t have a high margin property. If you don’t have enough margin, you’ll just drown in debt because the property doesn’t sell.
The property can’t be owner-occupied. Like many lenders, we don’t lend on owner-occupied properties. This is because of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Lending on owner occupied properties increases risk, and it’s something we want to avoid.
The property can’t be manufactured, mobile, or a recreational property. Manufactured means, something prefabricated housing, which is then transported to the site of the land. Mobile hands are those made prior to 1976, when HUD code governing standards for factory-built homes was set forth. Recreational properties mea – agricultural property for farming, lake, river property with a cabin, or ranch land to raise animals, or country living estates.
The property shouldn’t require more than 75-100k in repairs. This goes hand in hand with property value. If you have to spend a lot on repairs, and the value of the property isn’t immense – then it’s probably not a good deal. We want to keep you invested in the deal, and want you to make money on the deal.
The property shouldn’t have meth, mold, or any fire damage. Properties with meth us/manufacturing are impossible to rehab. When meth is cooked/consumed, very toxic chemicals are released into the air – and saturate the walls and ceiling. Exposure the byproducts of meth can result in injuries to your brain. Houses that have mold or fire damage are also difficult to rehab because you have to gut and rebuild them.
The house cannot have foundation or truss problems. Foundation problems can destroy a house quicker than anything else. It costs a lot to fix. Truss problems are dangerous, and costing a lot to fix.
The property shouldn’t be in a rural area. Hard money lenders stay away from lending in rural areas – because they attract a limited number of buyers. Often, there are no properties around to compare.