Your Fast
and Easy
source for
rehab Money
6403 N.W. Grand Blvd., Suite 100
Oklahoma City, OK 73116
Phone (405) 512-LOAN (5626)
Fax (405) 512-5199
get map email us
|
|
|
Apply For a Loan
Terms
- Interest Rate: 16.9%
- Loan Term: 6 months
- Financing Points: 3.0%
- LTV Maximum 70%
- Interest only payments due on the first of each month (1st month prorated); payment considered late on the 6th of the month.
The Process
We've made the process easy for you - apply and pay fees online.
It's safe and secure.
- Submit a credit authorization form and pay the $100 credit application fee online by clicking here. (you will also have the option of submitting a property analysis request form and pay both fees at the same time)
- We will contact you with the status of the your application within 72 hours.
- Submit a property analysis request form (if you have not already done so in step 1) and pay the $300 analysis fee online by clicking here.
Also please fax or mail us the executed purchase contract for the property.
- If approved, we will send loan documents to your title company.
- Title company will send us the HUD-1 for review.
- Red Dirt Lending funds the loan at closing.
- Pay interest only monthly.
Example
| After Repair Value |
$ 100,000.00 |
| Repairs Needed |
$ (10,000.00) |
| AS-IS |
$ 90,000.00 |
| 70% Max. @ Close |
$ 63,000.00 |
| RDL's Loan Fee |
$ (2,100.00) |
| Est. Closing Costs |
$ (1,100.00) |
| Earnest $ Down |
$ 500.00 |
| Contract Price |
$ (60,000.00) |
| Cash Back to Cust! |
$ 300.00 |
| Rep.Draws @70% |
$ 7,000.00 |
| Total Loan Amt. |
$ 70,000.00 |
| Monthly Int-only |
$ 985.83 |
| Per Diem |
$ 32.86 |
|
| |
| |
|
