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RDC Financial Group, LLC offers a portfolio of loans to meet your particular needs: |
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INTEREST RATE: 18%
Origination and other fees
determined deal by deal. |
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Additional Terms for All Loan Programs: |
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- Minimum credit score of 600
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- No foreclosures on credit report
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- No bankruptcy last 12 months
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- Origination points will be rolled into loans and will not be calculated as part of the LTV
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- Documentation preparation fee: $550
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- Inspection and draw fee: $500 per loan
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- A 90 day extension may be granted by RDC on a case-by-case basis based on loan status, payment history, and property inspection. The fee is 1.5% dollars payable at the time extension is granted.
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- Appraisal fees of $300 (due upon loan submission). New loan applications will not be reviewed or processed until payment is received.
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- Loan on "after-repaired" value:
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- No loans on houses with After Repaired Value of less than $40,000
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- Properties with a $40k - $200k After Repaired Value
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- On a 65% LTV loan we will have an initial funding equal to 65% of the After Repaired Value minus the repair estimates. If this amount exceeds the contract amount we may on a case-by-case basis allow for the insurance and title company to be funded with the loan. No funds will be released to the borrower at closing. The repair funds will be held by us and released in the form of draws as work is completed.
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- We release approved repair funds to the borrower for completed repairs according to the submitted repair details completed as part of the Investor Loan Request. (Click here for a draw request.)
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- A current appraisal by an RDC Financial Group approved appraiser will be accepted or RDC Financial can order the appraisal for your project. Appraisals ordered by RDC must be paid for in advance.
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- A mortgagee's title policy is required.
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- An insurance policy is required on all loans for the term of the loan (6 months).
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- A builder's risk policy or a vacant rehab policy
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- Residential Development reserves the right to adjust down payment requirements as deemed necessary.
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To view RDC Financial Group's Interim Lending Summary, Click Here |
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If you wish to get pre-approved for a loan, please fill out and submit our
Loan Application |
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