If you are involved in any aspect of business that involves single family residences you’ll find Texas Republic Bank has been there also. The loan officers at the bank have financed every conceivable type of investment, construction, management, lending, and any other business venture possible that involves a residence. This is the second in a series of blog articles identifying some of the more common types of loans that the bank likes to make to its customers.
Loans to finance the purchase, repair, improvement, and resale of residential property (“Rehab/Resale”) are a favorite type of loan at the bank. The lenders at Texas Republic Bank have done literally hundreds of loans like that, and in amounts from really small to really big! Popularized by television shows over the last few years, many people have found both satisfaction and profit from turning ugly duckling houses into swans.
Taking a tired old floor plan and outdated finishes from Yuck to Wow takes money and that’s where lenders at the bank like Ron Corcoran come in handy. You provide the vision and Ron provides the cash! A purchase/construction line of credit, based on your purchase price and budgeted repair and improvements vision, transforms that vision into reality. The bank can offer an aggressive advance rate of up to 95% of your cost that can even enable you to do multiple projects at the same time.
For the most active borrowers the bank typically puts in place an annual guidance line of credit. It enables borrowers to make fast purchase commitments with the confidence that financing will be available. Key to obtaining the best deal is often a quick closing! Loan rates are very competitive with similar type loans at other banks—but good luck on finding one that will welcome your Rehab/Resale loan request!
Regardless of whether you’ve got a long list of successes or never bought investment property, you’ll fit into the Rehab/Resale loan program at Texas Republic Bank. So contact Ron Corcoran at (214) 619-3915 or email him at ron.corcoran@texasrepublicbank.com. Helping turn ugly ducklings into swans—that’s banking like it oughta be!
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