What are the costs?
We charge three to five points (3-5%) of the loan amount. These points are in addition to the other costs associated with any other loan closing such as attorney’s fees, processing fees, recording fees, etc. These fees typically run about $1850.00 plus the points.
This is however just an estimate.
Other costs involved may include pro-rating of taxes, insurance, servicing fees and interim interest.
Although the term of a rehab loan is generally six to twelve (6-12) months, you may, at the Lender’s sole discretion, renew the loan for an additional 90 days for an additional renewal fee of two (2) points of the loan balance that is paid to the lender at the time of renewal. Most of the loans are paid off within 190 days.