Short-Term Loans for the Real Estate Investor
(PRWeb) March 15, 2007 -- Richmond Investment Properties, known for taking the hard work out of finding moneymaking house deals, has recently begun providing real estate investors with specialized loan programs that cater to this type of real estate investing.
Money for flipping a property is only needed on a short-term basis. Enough time to purchase the purchase the property and fix it up for resale or refinancing. Through www.rehabbercash.com, loan money is available to real estate investors in metropolitan areas who buy houses, fix them up, and re-sell them. Loans are provided on detached single-family residential houses located in cities and counties with a population over 300,000. Loans for properties located in smaller communities may be re-evaluated on the merits of the applicant's credit and may require down payments or be declined
A simple online loan application consists of three sections. The first section requests information required for borrower pre-approval. The second section involves a property evaluation that identifies the important details on the property intended for purchase. The final section requires the applicant to provide a detailed list of all exterior, interior and miscellaneous repairs needed for the property. Repair information must be identified to determine the loan amount. Inspectors, selected by the loan company, will verify the repairs during the initial loan review. As improvements are made to the property, a draw request can be submitted to request the release of repair money.
The approval process is simple. Applications can be completed at www.rehabbercash.com. A preliminary answer is given within 48 hours after all required forms and documents have been submitted. A final commitment and approval budget letter will be provided after the property's appraisal and inspection report have been received and reviewed. In addition, the applicant's credit report will be reviewed as well.
For investors that don't have a property selected yet, the pre-approval application can be completed in advance. After being approved, funding is generally available within 48 hours upon receiving the appraisal, proof of insurance, clear title, and verification from the investor's title company stating that they will follow specific closing instructions.
Loans are available in cities and counties with a population over 300,000. For properties located in smaller communities the loan may be reevaluated on the merits of the applicant's credit and may require down payments or be declined.
For more information about short-term loans for real estate investors visit www.rehabbercash.com.
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This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
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