Florida Renovation Loans: Florida: Jupiter

Renovation Loans for Investors

I speak to many investors who see projects that they would love to participate in, but lack the capital to purchase and renovate the property.  Often times, a project for a single family home in a desirable neighborhood in North Palm Beach County will run around $250,000-$350,000. Most homes that are older (built before 1980) will be outdated and thus are great opportunities for renovation projects.  The cost of a modest renovation would run around $50,000-$80,000. If you combine a purchase price of $250,000 with $80,000 in renovations, you would have an acquisition cost of $330,000 with an off-the-market time period of 3-6 months just for the renovations alone.  

 

The would mean the investor(s) would be tying up about $330,000 for an extended period of time.  If you consider that the investor needs time to complete the entire project with all of his/her capital at risk during the process. This could be from 6 months to 12 months based on how quickly the property can be purchased, renovated, and sold on the open market.

 

Financing for these types of projects has traditionally been difficult to find; especially since most loans would not be based on the after-improved value. One little known program that many savvy investors are turning to is FNMA Homestyle Renovation Loan. The homestyle renovation loan is modeled after the very popular FHA 203k LoanOne major advantage of the FNMA Homestyle loan is that it allows not only primary residence home buyers;  it also allows 2nd home buyers and investors to purchase and renovate a property with one loan. In fact, investors can purchase and renovate an investment property with as little as 15% of the acquisition price. Instead of an investor fronting $330,000 he would only need just under $50,000 plus closing costs.

 

For additional information, call Florida's Renovation Loan Expert Michael Cantwell at 561-262-5366.

Michael Cantwell

Loan Consultant - Boca Raton, Florida

My website - www.loanDepot.com/mcantwell

My Mobile # 561-262-5366

My Outside Blog Florida Renovation Loans

 

 

 

               

Comment balloon 1 commentMichael Cantwell • July 09 2017 04:34PM
Renovation Loans for Investors
share
I speak to many investors who see projects that they would love to participate in, but lack the capital to purchase and renovate the property. Often times, a project for a single family home in a desirable neighborhood in North Palm Beach County… more
Now that Albert is gone the Cardinals look forward to Spring 2012 in…
share
Albert is an Angel, however if you ask many fans of the World Champion Cardinals the devil made him do it. The devil on his shoulder was the king's ransom the Angels gave him to leave the greatest baseball city in America. He is quoted as… more
Recession coming!
share
more
Silver blasts Higher
share
Silver continues to race higher and will soon blow past it's all time high of $50 per oz When will the ride stop? As we continue to ruin our credit rating with the bickering back and forth by our politicians it doesn't seem like anytime soon… more
Financial Markets are very unclear due to the Japan Disaster
share
Each day I get up to get my bearings in the financial markets and it seems like an extended Groundhog day. With our central bank in the mortgage market and the bond market stocks and bonds have lost their historical relationships. This has been… more
Lumber Market is telling us the market for housing and construction…
share
I was looking at my charts today and I noticed that the lumber market is continuing to rock higher. I predicted this in my blog last November which you can see by clicking on this link, lumber blog Here is a chart that is very impressive. .. more
Linkedin as a Business Tool
share
Are you finding Linkedin is becoming a bigger part of your world? I am. It seems like more and more people are finding me on Linkedin Almost every day my email has someone new asking to become connected I love this as early on it seemed that… more
Resolutions for 2011 Short and Simple thoughts for today
share
No long list here, more like random thoughts. Simple is better and I will try to follow this format more often this year. 1 Eat Healthy I really don't know why this is so difficult. Every choice at every meal needs to be for the… more
FL Mortgage Video Update
share
I am testing out a new service that I found this weekend that allows me to screen capture video pretty nicely and post to my blogs. Capture your screen in seconds more
Gold continues to ramp! Is another leg higher coming
share
Wow gold continues to ramp here as I heard on CNBC all the reasons gold will continue to be strong. One of the main reasons cited was that central banks have stopped selling and are now buying. Is this a bubble? I really don't think so and the… more