My Rehab Lender

About My Rehab Lender

My Rehab Lender is a Richardson, TX based private lender who offers funding in Dallas County, Tarrant County, and Collin County. They provide lending solutions for many different scenarios, including short term fix and flip loans and loans for investments properties. They offer terms up to 12 months, loan amounts starting from $100,000 with a maximum LTV of 70%, and rates ranging from 12%. Their loan guidelines do not require a minimum FICO score. They primarily make loans on single family homes and multi-family.

Loan Types Offered: Investment Property Loans, Fix and Flip Loans

Property Types Covered: Single Family, Multi Family

Areas Served: Dallas County, Tarrant County, Collin County

Lending Guidelines for My Rehab Lender

Below are the general loan guidelines published on the My Rehab Lender website. Please confirm all terms and rates directly with the lender.

Loan Examples

The following loans are for education purposes only. They do not represent actual loans executed by My Rehab Lender.

Loan Example 1

Lisa is a real estate investor in Dallas, TX. She discovers a run-down property for sale and decides to rehab it and sell it for a profit. The house has a cost of $260,000 but she does not have the full amount so she takes a hard money loan with My Rehab Lender. The lender agrees to write a note with a 50% loan to value (LTV) so they are willing to extend $130,000 on the project. The note is interest only, paid monthly, and is for 6 months at 13% interest with 3 points paid when the deal closes.

Lisa will need to bring $130,000 at closing (50% on the 50% loan to value), plus she will pay the $3,900 origination fee. she must then pay $1,408 monthly to the lender. Lisa's intention is to complete the renovation by the end of the 6 months and re-sell it for $351,000. If she succeeds she will collect a gross profit of $78,650 ($351,000 sales price - $130,000 principle - $130,000 cash at closing - $3,900 origination points - $8,450 in total interest paid.

Loan Example 2

Loretta locates a townhouse in Dallas, TX to remodel and sell. Since she does not have enough cash to buy the property outright, she takes a fix and flip loan from My Rehab Lender with the following parameters:

$260,000 sales price
50% loan-to-value (LTV)
18 month term
12% interest rate
1% origination fee

Assuming a $312,000 sales price after the 18 month term, the final numbers for this deal would look like this:

$312,000 sales price
- $130,000 principle on note (50% LTV)
- $130,000 cash paid at closing (50% on 50% LTV)
- $1,300 origination fee (1% of the $130,000 principle amount)
- $23,400 interest payments (18 months x 12% interest)
-----------------------
= $27,300 gross profit (does not include taxes or renovation costs)

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