No matter what rates are doing, when you get a 100% premier loan from RFG you save big bucks. No down payment means more cash in your pocket - and that can be a huge savings. With most projects taking up to 12 months, starting now means your flip will hit the market just as mortgage rates are predicted to stabilize. Act now, be ready when the market changes.
Our own Susan Naftulin and John Santilli have been invited to speak at the East Coast’s biggest private lending conference, “Leverage West Palm Beach.”
This year’s conference will be on October 4-5 at the Hilton West Palm Beach, in Florida. Susan will be participating in the “Power Panel” on Creating and Navigating your Debt Fund on October 5th at 9:45 a.m. RFG’s John Santilli will be at the conference too, speaking at the Leadership Forum.
RFG’s John Santilli has been nominated for the 2023 Excellence Awards - Member of the Year from the American Association of Private Lenders!
Public voting for the Member of the Year awards is open now through Sept. 30. For more information and to cast your vote, go to: https://aaplonline.com/awards/
Market Conditions and Trends: Foreclosures up
Attom Data’s latest report on foreclosures (based on August data) showed foreclosure filings rose 7% month over month. That means default notices, scheduled auctions or bank repossessions are up compared to July, though they’re still lower than last year at the same time.
Where are foreclosure rates the highest? Nevada, Illinois, and South Carolina topped the list. They were followed by New Jersey (one in every 2,585 housing units) and Delaware (one in every 2,618 housing units).
More people have been searching online for“high-gloss ceilings,” “painted ceilings” and “black ceilings,” according to a 2023 Houzz Trends Report. Tongue and groove ceilings are also on the rise - pun intended! If your new flip needs a bit of pizzaz, this is a trend you may want to hop on.
“I feel like RFG has grown with me. When I was first learning the flipping business, they had me focus on single family homes. After I had some successes, I brought a mixed-use property to them that had a commercial space on the first floor. They listened to my plans, and approved my loan!” — Angelo G.
100% Premier Loans from RFG that cover all renovation costs. NO DOWN PAYMENT means more cash in the real estate investor’s pocket!
Here’s an example of how it worked for an investor rehabbing a mixed-use property in Philadelphia, using an RFG Fix-to-Rent Loan.
The 3-story building had first floor commercial space (1,000 sq ft) and four 1 BR apartments.
With the loan covering rehab costs of $110,000, our client had the cash he needed to do a “vanilla box rehab” to the commercial space, with new drywall, a new tile floor, new lighting, and upgraded bathroom facilities. He rented the space out as a convenience store for the neighborhood.
The balance of the reno budget went to upgrade the four apartments with new kitchens and baths.
Results:
Appraisal Value after Rehab increased to $467,000 from $100,000!
