Did you know? Bell Mortgage Offers Exclusive Rehab Financing!
The best deals are frequently available on properties that need some TLC or upgrading, but historically, financing those upgrades has been difficult. Although useful in some situations, traditional rehab loans like the FHA 203k have a nasty history of being difficult to approve, extremely slow and often frustrating for the buyer and seller alike.
Bell Mortgage has created a fantastic new solution that is aimed to streamline many rehab transactions. The following is a recent example: My client was very interested in a property in an upscale neighborhood. The property was built in 2007 for over $500,000, but was now vacant, bank owned and listed for sale for $290,000. It was structurally a fantastic house but the entire home was in need of paint and new carpet. The buyers were also interested in completely remodeling the kitchen.
They wanted to install cherry cabinets, granite countertops, stainless appliances and upgrade the flooring. The buyers were able to negotiate a price of $280,000 for the home and Bell then stepped in with their rehab loan. Plans with a general contractor were made to make the improvements and Bell then financed the $40,000 cost of the upgrades into their 30 year fixed rate mortgage. And the borrowers were only required to make a 5% down payment. The home was like NEW and at a total cost of nearly $200,000 less than it was built for just 4 years earlier.
This conventional rehab loan is exclusive to Bell Mortgage and is in high demand. To discuss this and other financing options, contact Brian Conners!
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