Renovation Loans

You’ve bought your home — congratulations! If you’ve been living there for a while, you might be noticing that it isn’t quite the dream home that it seemed when you first moved in.

Maybe a bathroom or closet is just a little too small. Maybe there is a new leak in the roof. Maybe your family has grown beyond the space of the house, but your neighborhood is too perfect to move away from.

For any of these reasons, and for others as well, you may want to think about getting a renovation loan.

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:

  • Eliminate violations, by building Cost to Cure into builder’s contract
  • Eliminate open permits, by building Cost to Cure into builder’s contract
  • Electrical upgrades
  • Plumbing upgrades
  • HVAC upgrades
  • Room expansions or additions
  • Kitchen overhauls
  • New windows and installation
  • Leak fixes and roofing
  • Additions, from as small as a sunroom to as large as an additional floor
  • And so much more

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.


2 Westchester Park Drive, Suite 110 White Plains, N.Y. 10604

3 Bryant Park 15th Flr 1095 Avenue of the Americas New York, NY 10018


Get Loans Nationwide from US Bank. No third party, No broker, You talk to the lending banker direct! Call: +1-914-736-2855

carmelo vitello bank lender construction loans expert