Terms

  SUMMARY of TERMS

  • Program is for rehab of Single Family Residences not for personal use*
  • Loans are made only to business entities and must be personally guaranteed
  • Our customers may include partners in their entity; however, our customer must own the majority ownership (51%) OR have 50% AND have ultimate control over decisions
  • New customers must payoff the first loan with RMAC Lending before qualifying to do multiple loans
  • Financing up to 70% ARV
  • Up to 100% of repairs can also be financed
  • Maximum Loan Amount = $500,000
  • Minimum Loan Amount = $50,000
  • Minimum Origination Fee = $3,500  ($1,750 in OKC)
  • No Condominiums
  • No Townhomes
  • No Property with a shared foundation, wall or ceiling.
  • No Multi-Family structures (i.e., No Duplexes, No "2 Flats", etc.)
  • Loan Terms vary somewhat with credit of individual borrower & property
  • Interest Rate = Range of 13% to 15% per annum**  (11.5% to 13.5% in OKC)
  • Origination Fee = 5.0%  (3.5% in OKC)
  • Term = Up to 1 Year
  • Renewal = 2 Additional Months (with Lender approval and additional fee)
  • Loan Agreement and Loan Documents state full terms***

If you would like to get additional information before you have a Property under contract or if you simply want to get in touch with us, please use the "CONTACT US" page instead.

*Lending in Illinois, Oklahoma & Texas, to persons or entities for personal or household use (i.e., to "Consumers") is regulated by the respective state regulator.  We are not licensed in Illinois, Oklahoma or Texas for mortgage lending for personal or household use

Consequently, if you or any family members intend to live in the Property (even if you are fixing it up), we cannot lend to youBy submitting this online form you are certifying that the intended purpose of the loan is for business purposes only.  An additional certification in the loan documents is also required.  Thank you for your understanding.

**Rates vary somewhat with the level of risk.  Call for guidance.  For loans guaranteed by individuals with a tri-merged credit score of 730 or better, the interest rate is reduced by 1.0%.  For loans with LTV less than 50%, the interest rate is reduced by 1.0%.  Other factors may influence the rate also.

***These summary loan terms are solely an illustration.  These summary loan terms on this website do not constitute a contract.  The parties may enter into a contract only by using a written & signed contract.

Website Builder