Home rehab mortgages which has loan limits up to $3M, can be used for individual or family units.
If you’re thinking of Purchasing a Condo and would like to update the kitchen, bath, and flooring? … How about new appliances?
A Purchase/Rehab loan is the way to go to accomplish all that.
Here is an example of how the loan works:
Condo purchase for $500K plus $100K for the renovation work, which means a total cost of $600K.
Say you want to put 10% down – so you would bring to the closing table $60K + closing costs – and the bank would finance $540K.
Bank would normally finance 90% of the total cost up to a loan amount of $1.0M, 85% up to $1.5M, 80% up to $2.0M, and 70% up to $3.0M.
All of this is based on you being qualified by me and it is possible to increase these loan amounts on a case by case bases for:
- Any Condo Rehab
- Condo purchase with Rehab
- Condo Refinance with Rehab
- Manhattan Condo rehab
General Q & As
Condo rehabilitation loans are loans that are used to finance the renovation or rehabilitation of condominiums. These loans are typically provided by our banks.
The purpose of condo rehabilitation loans is to help condo owners finance necessary repairs or upgrades to their units or common areas of the building. This can include things like repairing roofs or HVAC systems, replacing windows or doors, updating plumbing or electrical systems, or renovating common areas such as lobbies, hallways, or fitness centers.
Condo rehabilitation loans are similar to other types of home renovation loans, such as home equity loans or personal loans, but are specifically designed for condominiums. The loan amount and terms will vary depending on the lender, the borrower’s creditworthiness, and the specific renovation project.
It is important to note that condo rehabilitation loans are different from condo conversion loans, which are used to convert rental properties into condominiums.
Condo rehabilitation loans may be needed by condo owners or associations that require funding to make necessary repairs or upgrades to the condominium complex. These loans can be used to finance a variety of renovations or improvements to the individual units, as well as common areas of the building.
Some reasons why condo owners or associations might seek a rehabilitation loan include:
Aging infrastructure: Older buildings may require repairs or upgrades to critical systems such as plumbing, electrical, or HVAC.
Health and safety concerns: Condo owners or associations may need to address issues such as mold, lead paint, or asbestos that pose health risks.
Aesthetics: Condo owners or associations may want to update the look and feel of the building to attract new residents or improve property values.
Compliance: Condo associations may need to comply with local building codes or regulations.
Energy efficiency: Condo owners or associations may want to make energy-efficient upgrades to reduce utility costs.
In general, anyone who owns or manages a condominium complex may consider a condo rehabilitation loan if they need financing to make necessary repairs or upgrades to the property.
If you need a condo rehabilitation loan, you are at the right place. You will need to follow these general steps:
Determine your financing needs: Assess the repairs or upgrades needed for your condo complex and estimate the associated costs. This will help you determine the amount of funding you need.
Gather documentation: You will likely need to provide documentation such as financial statements, tax returns, and a detailed list of the repairs or upgrades you plan to make.
Contact or Call me at 914 736 2855: to compare loan terms, interest rates, fees, and other terms to find the best option for your needs. Then we can help you apply for a loan from our bank. Then we will review your application and determine whether to approve or deny your loan request. I’ll help you research your options thoroughly and carefully review all loan terms before you agree to the loan. If approved, I will provide you with loan documents to review and sign.
Use the funds: Once you have received the funds, use them to make the necessary repairs or upgrades to your condo complex.
It is also important to note that the process for obtaining a condo rehabilitation loan can vary depending on your specific needs.