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In the latest episode of the Straight Up Chicago Investor podcast, listeners were treated to an in-depth discussion with Perry Farella, unveiling a game-changing financing option for real estate investors and house hackers alike. Let's dive into the key takeaways from this insightful episode:
Tom and Mark kicked off the episode by spotlighting the innovative product launched by First Community Mortgage Bank. Dubbed the "two to four-unit Fix and Flip renovation financing option," this loan provides a refreshing alternative to conventional and hard money lenders. With a unique blend of features, including interest-only payments for the initial 9-12 months and a 25% down payment requirement, it's tailored to cater to the diverse needs of investors and house hackers.
Unlike traditional financing avenues, this new option leverages credit scores and rental income to determine eligibility, offering unparalleled flexibility. Moreover, the appraisal process, which factors in after-repaired value and rental projections, stands out as a testament to its forward-thinking approach.
Perry delved into the seamless nature of the lending process, highlighting its departure from cumbersome FHA 203k loans. With no prepayment penalties and an in-house draw process, investors can navigate their rehab projects with ease. The provision of up to 30% of the rental budget
As the discussion progressed, it became evident that this lending option isn't just another financing tool—it's a bridge to success for investors eyeing substantial rehab projects. With competitive fees, a contingency reserve, and an emphasis on protecting all stakeholders, it sets a new standard in the realm of fix-and-flip financing.
For those intrigued by this transformative lending option, the podcast directs them to howtofundrenovation.com, where they can unearth further insights and embark on their journey toward real estate success.
In conclusion, the episode featuring Perry Farella illuminated a groundbreaking approach to fix and flip financing, underscoring the transformative power of innovative lending solutions in the realm of real estate investment. As the landscape continues to evolve, opportunities abound for investors to thrive and redefine the status quo.
Watch Straight Up Chicago Investor Podcast Episode 243 in Full Here
Show Notes:
What is this new lending option that could finance my rehab funds?
Connect with Mark and Tom: StraightUpChicagoInvestor.com
Email the Show: StraightUpChicagoInvestor@gmail.com
Guests: Perry Farella, First Community Mortgage
Chicago Investor Resources Shared
What You Must Know About Renting Your Property In Schaumburg
Survival Guide For Self Managers - 15 Tips Chicago Landlords Must Know(Especially House Hackers)
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