If you are a real estate investor who has a Roth or Traditional Self Directed IRA/401K, you now have a terrific opportunity to increase the number of deals you can do, and profits that you make – tax free or tax-deferred!
- Minimum Middle Credit Score 640.
- Loan will be 70% of the sale price and repair funds, assuming deal does not exceed 65% of the ARV (after repair value).
- 2 Week Close
- 12 Month Term
- 8 points (after you have paid off your 3rd loan, Rehab Funding will reduce its points to 4.5 for all subsequent deals).
- Custodian of the IRA pays the monthly interest only payments (no principal).
- The interest rate is 1.575% per month (18.9% on an annual basis).
- There is never a penalty for early loan pre-payment.
- Major benefit: Earn Profits Tax Free or Tax-Deferred!
***Please note that other closing costs such as, taxes, insurance, title fees, broker fees etc. are separate from Rehab Funding�s closing costs that are noted above.
Repair Funds
Repair funds go into an escrow account at the time of closing. The escrowed repair funds are paid to the rehabber on a reimbursement basis. That is, upon request by the rehabber, Rehab Funding will send a 203K inspector, who will then send a report indicating the work that has been completed since the last inspection. Rehab Funding will reimburse the rehabber in accordance with the budgeted repair list presented by the rehabber at closing. Appointments for inspections in order to receive payments, must be made at least (3) days in advance.
Rehabbers are not permitted to live in a mortgaged property. The property must be purchased for the sole purpose of renovating it and either selling it, or eventually refinancing it. This cannot be your primary place of residence.
pay-plans.pdf
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