Rehab Mortgages
Future Home Owner
When purchasing a home that is not exactly what the buyer wants, or that needs minor/major renovation, the borrower can purchase the home with comfort that the funds necessary to close the purchase and finance the desired repairs are all provided for at closing.
Current Home Owners
The rehab products are also available for refinances. This is an excellent alternative for the current home owner who wants to stay in their current home but do some improvements.
Investors
Often, the “best deals” are available on properties where extensive repairs are needed. Many times, financing is not available on properties due to the extent of the required repairs, causing the seller to lower the price of the property in order to seek cash buyers. The “investor” buyer can buy the property and use the rehab products to provide for complete rehabilitation of the property.
Realtors
When listing a property that needs repairs, especially if the repairs are extensive, the Realtor knows the market for such a property is extremely limited. However, if the property is offered for sale with a repair proposal and rehab financing, many more buyers will be interested in the property.
Contractors
Contractors always have the worry of getting paid when they are doing work. Will the money be there when they are through? Will it be a hassle to get the money? When contractors do repairs financed by our rehab programs, they know the funds are already being held and that the buyer cannot personally use the funds for a purpose other than paying for the designated rehab work.
Stephen Gallo, Director of Sales & Marketing
Parallel Mortgage Corp. - 555 Route 18 South – East Brunswick NJ, 08816
Office Phone: (732) 238-1100
Cell: (732) 501-3797
Fax: (732) 348-9513
Email: sgallo@parallelmtg.com
Licensed Mortgage Broker N.J. Dept. of Banking & Insurance.
