Finding the right financing source that you can rely on when it comes to hard money rehab loans for fix and flip projects is quite challenging. Since these investments are typically quite large, it is essential on the part of the investor to do their research on the financing options available. If you are looking for rehab loans in California then All California Lending is an excellent source of fast, efficient funding. They have been in the industry for years and work with seasoned professionals as well as new investors doing their first flip.
The best part of their hard money rehab loans in California is that these can be structured in a few different ways. One of the most popular structures includes funding for the purchase along with funds for the rehab and interest payments. On these rehab loans they cap out at 65 to 75% of the after repair value (ARV). They will typically require pictures and videos of the work you are doing throughout the release process. What makes this program unique is that they can allow advances for work to be done rather than reimburse in arrears for work completed.
They also have other rehab lending programs available to fit your needs. Another popular program will fund 80% of the as is value up to a maximum of 90% of the purchase price. Optionally, they can also add a fund control account for the rehab work to be done, typically reimbursing between 90-100% of the rehab work. This program offers you flexibility on how you want to do the rehab work, which makes it beneficial for investors looking to invest on fix and flip projects.
" A builders control account will be set up for the work that needs to be done and draws can be taken as needed to do the rehab. The unique feature of this program is that advances are allowed for work to be done. This is in stark contrast to most fund control on the market where funds are paid in arrears after the work is completed and inspected. In addition there will typically be 4-6 months of interest impounded, so you will have no payments for the first 4-6 months. These funds are not guaranteed to the investor, so if you pay the loan off before this reserve is used you would get the remaining funds back." - says a spokesperson at All California Lending.
About the Company:
All California Lending specializes in hard money lending and commercial loans including hard money rehab loans in California. They have been in the real estate lending business for many years, specializing in hard money lending for most of that time. It is due to this niche specialization that they are able to help so many of their clients. They understand the market and have relationships with many funding sources to help them obtain financing for even the most complicated transactions. For more information visit https://www.acalending.com/rehab-lending/