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Real Property Investment Partners
NO APPRAISAL REQUIRED. Providing institutional-grade lending with a local presence.
Maryland Rehab to Rent Loan Stats
According to private lending data provider, Analytics Logics, the average interest rate for rehab-to-rent loans on Maryland is 12.00%. The average loan amount is $236,240. These stats are the average of all the loans which were funded between April 1, 2023 and September 15, 2023 by the many private lenders who use Liquid Logics’ loan origination software to manage their lending operations.
Rehab-to-Rent loans (aka Buy & Hold) include the purchase of the property and the rehab budget for a loan term up to 12 months. Lenders will want to make sure the borrower can qualify for the long-term refinance before approving the short-term rehab loan.
Funded Rehab to Rent Loans in Maryland
Purchase & Rehab Loan for Mixed-Use Property in Hagerstown, Maryland
Real Property Investment Partners, a direct private lender, funded a $465,000 1st lien position bridge loan for the acquisition of a 5-unit mixed-use property in Hagerstown, Maryland. We funded 100% of the $245,000 renovation budget and 65% of the $335,000 purchase price, while the Borrower contributed 35% cash to the purchase at closing. The after-repair value was estimated at $715,000 so our loan-to-after-repair value was 65%. This was a great opportunity to help renovate the historic downtown area. The plan is to convert the upstairs office space into residential units. The subject property was in fair condition and vacant at closing. It is approximately 5,920 square feet. The Borrower had excellent credit and lots of experience. They own over 50 units in the local area. They plan to lease the property upon completion of the rehab and eventually refinance as an exit strategy. The interest rate was 14% and we charged 2% origination points. The loan term was set at 12 months. This rehab loan was funded in June 2023.