Loan Program

TERMS

  • Investor loans for existing one to four family residential properties for the purpose of rehab and resale, or rehab and roll into permanent financing
  • Interest only
  • No pre-payment penalty
  • Loan term up to six months
  • At one time, three month extension can be requested if all repairs are complete.  Extension is subject to a fee of 1% and approval is at the discretion of Red Door Funding
  • Red Door Funding will lend in the first lien position only
  • Interest payments are due on the first day of each month

INTEREST RATE

  • The annual percentage rate is 14%

LOAN TO VALUE

  • Up to 70% of the After Repaired Value of the property

REPAIR FUNDS

  • Repair Funds can be financed, held in Escrow and dispersed on a Draw Basis as long as the Loan to Value criteria is met
  • A $175.00 Inspection Fee will be charged for each Draw Request

FEES

  • Loan origination fee of 3-5% of the loan amount
  • Appraisal fee of $350.00
  • Loan processing fee of $825.00
  • Attorney fee of $300.00