A pre-qualification is not a commitment to lend. The rate and monthly payment you see upon completing the pre-qualification form is only an estimate and is subject to change during the full mortgage loan underwriting process. Rehab Funding provides loans for business purposes only and does not lend for consumer or household purposes. During the underwriting process, a completed loan file with an acceptable appraisal must be provided for underwriting review before a lending decision can be made. After completing the pre-qualification form, an Rehab Funding representative will contact you to discuss next steps.
All properties are subject to satisfactory Lenders due diligence of but not limited to underwriting, satisfactory appraisal, environmental screening report (documenting no environmental risks), specific historical and current operating expense explanations, satisfactory credit review of the borrowing entity and Key Principals, and satisfactory review of the property’s market and submarket.
Please note this letter of interest serves to outline the terms of the proposed financing of the referenced transaction. This letter is merely a general proposal, and is neither a binding offer, nor a contract. Borrower understands that no such offer will be forthcoming prior to completion of appropriate due diligence and underwriting performed and/or contracted by Lender. No party shall have any legal rights or obligations with respect to the other unless and until a formal application for the potential loan is signed by both Lender and Borrower.
Advances are made directly by Rehab Funding Your actual rate depends upon credit score, advance amount, advance term, and credit usage and history. Repayment terms range from 4-84 months depending on the type of loan taken out and the loan amount. Advances will not impact personal credit score.