Rehab Loans in COVID-19
As COVID-19 continues to cause fluctuations in businesses and real estate, many new commercial properties are coming on the market. These properties are great opportunities for fix and flippers. Rehab loans are here with great rates for commercial real estate investors. Contact the Clifton, NJ office of Commercial Mortgage Depot (CMD) for deals for New York, New Jersey, Connecticut, and Pennsylvania.
Bridge Rehab Loans During COVID-19
Review your project, its viability, and the likelihood you will be able to make your deal move quickly if you plan to get a bridge rehab loan in COVID-19. If you plan to use your current assets to back the loan, you also want to make sure these are in a similar state to what they were before the pandemic. By using the right assets, you can shorten the term of your bridge loan and close your deal faster. We work with many lenders who will accept a non-owner-occupied building for backing of the loan. You also want to ensure you can get your project tenant occupied.
Direct Rehab Loans in COVID-19
Another product that has a good loan-to-value rate is a direct rehab loan. You can finance residential apartment complex, office spaces, mixed-use properties, warehouse buildings and other retail properties. If you are worried whether the business will be viable, feel free to get some quotes and do some market research. Commercial Mortgage Depot is here to assist you. Limited Liability Corporations (LLCs) can even apply and can get up to 70% loan-to-value.
Line of Credit Rehab Loans in COVID-19
Many like to use a line of credit for their rehab projects during COVID-19 to plan for variable expenses and avoid over-borrowing. You can get access to a revolving line of credit for $500,000 to $10,000,000. It is important to assess any taxes to be paid if you decide to sell the property. You can run an assessment to see what type of IRS review you may face. Lines of credit are also useful if COVID-19 delays your project and you need to draw more funds than you expected. With a line of credit, you can adapt quickly.
Approvals for Rehab Loans in COVID-19
Scrutiny among all lenders is increasing for commercial real estate during COVID-19. Fortunately, there are some alternative lenders that can offer quick approvals. Typically, this can be done with a couple years of tax statements (business and personal, unless newly formed entity then just personal). Lenders will want to see the most recent statements, including the recent 3 months of your bank statements, it is said many prefer to see 30% of the total line of credit requested in your liquid assets.
Whatever your need, we can offer you no-hassle advice. Reach out to the Clifton, NJ office of Commercial Mortgage Depot (CMD) for a free quote on a rehab loan for sites in New York, New Jersey, Connecticut, and Pennsylvania today!
