purchase loan---at maybe 5.5%, 30 yrs fixed
rehab loan at maybe 14%, 30 yrs fixed, with a 6 month balloon
take out loan now a new TAKE OUT LOAN that simply pays off the first two loans.
with the new loans fiasco, many banks will want to do it differently. Regardless what you call the
loans, this is what they used to be called; I have had 2 of them myself.
it is as "simple" as that.
Lender commitment work orders as they appear on the financing addendums in an MAR approved purchase agreement, refer to those items that are flagged in an appraisal that must be fixed prior to the lender to funding the loan.
If you are looking for lender assistance in rehabbing you are looking for something other than a lender commitment work order.
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