About our Loan Programs
Renovo finances for-sale remodel and new-construction projects. We also refinance completed projects waiting to sell to free up your cash and allow you to move onto new projects. We will finance up to 80% of the purchase price and direct improvement costs or 65% of our estimate of the completed value of a project, whichever amount is less. All loans have a 2.0% origination fee and a 10.0% annual interest rate; our minimum loan amount is $80,000. Some loans may also have a deferred origination fee depending on the loan-to-value. The LTV is based on your budgeted costs and our estimate of the completed value. The origination fee is due at the closing of the loan, but interest and the deferred origination fee are not payable until the due date of the loan helping to align the financing cash-flow with the project’s cash flow. All loans are closed through a title company of your choice and require a lender’s title policy with mechanic’s lien coverage.
For new clients, we can typically complete the underwriting for a new client within five business days of receiving a completed application. After you have been approved we can typically close loans within 48 hours of receiving your proposal for a new project. Please contact us and we can provide you with more information about our process as well as an application.
We work with you for new-construction loans to estimate the construction budget and to estimate the sales price.
While you are waiting for your project to sell, Renovo Captial can provide cash-out refinances on completed projects.