It can be confusing to sort out what activities are covered under a renovation loan. I would know — a certified renovations loan lender for more than 20 years, I have been asked every possible question about them.
To put it as simply as possible, a renovation loan can be used for any major home related work. One of the most powerful uses of a renovation loan is for the purchase of a property that cannot be financed with a standard mortgage loan alone because it needs an extensive amount work, is in violation or building codes, or has open permits.
Properties like these usually have highly motivated sellers. This gives buyers the ability to negotiate a very low price with the promise of purchasing the property “as is.”
The beauty of renovation loans — they are incredibly versatile. You can take a renovation loan to demolish and rebuild a whole new structure (on the original foundation), you can take one for an interior or exterior painting project, and you can take one for anything in between, including:
With a renovation loan, the sky truly is the limit.
I have been a loan officer since 1988, and a certified renovation loan lender since 1993. Over the years, I had developed considerable experience in the field. This includes in New York City’s condominium and co-op markets, which are notoriously complex to work with thanks to their extensive rules and regulations.
When you come to me for a renovation loan, you get more than just a loan officer — you get the guidance and advice of a former homebuilder and 23 years of renovation loan specialization. Contact me to learn more today.