First Rehab Lenders

About First Rehab Lenders

Headquartered in Melville, NY, First Rehab Lenders is a private lender providing funding throughout the country. They offer loans for a variety of situations, including fix and flip loans and long term rental property loans. Their lending parameters are versatile, including rates starting at 8.99% , terms up to 1 year, and loan amounts up to $1,250,000 with a maximum LTV of 75%. The focus of their lending is on single family residences and multi-family units.

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

Property Types Covered: Single Family, Multi Family

Areas Served: National

Lending Guidelines for First Rehab Lenders

Below are the general loan guidelines published on the First Rehab Lenders 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 First Rehab Lenders.

Loan Example 1

Aaron finds a townhouse in Milwaukee, WI to renovate and resell. Since he doesn't have enough cash to acquire the $180,000 project outright, he decides to take out a hard money loan from First Rehab Lenders. The lender agrees to write a note with a 60% loan to value (LTV) so they will extend $108,000 on the project. The parameters of the deal dictate a 12% note for 18 months. They also require a 4 point origination fee, which will also be paid when the property closes.

Aaron will need to fund a total of $32,400 up front to pay the $72,000 down payment plus the $4,320 origination fee. Once the loan is executed and Aaron takes on the property, he will need to begin making monthly payments of $1,080 to the lender ($108,000 principle x 12% / 12 months). If Aaron sells the property for $270,000 after 18 months, he would then make a total profit of $66,240 after deducting the principle of $108,000, the funds paid at the close of $72,000, the origination fee of $4,320, and the aggregate interest payments of $19,440. This amount doesn't account for building costs.

Loan Example 2

Jeri is a an investor in Salem, OR. She locates an older house for a rehab project and takes out a private money loan from First Rehab Lenders with the following terms:

a) A $270,000 purchase price, b) a 70% loan to value (LTV), c) a 12 month term, d) a 8% interest rate, and e) a 2% origination fee.

If Jeri accomplishes her goal of a $378,000 sales price, the numbers of the project will be the following:

$378,000 sales price
- $189,000 principle on note (70% LTV)
- $81,000 cash paid at closing (30% on 70% LTV)
- $3,780 origination fee (2% of the $189,000 principle)
- $15,120 interest payments (12 months x 8% interest)
-----------------------
= $89,100 total profit (doesn't include taxes or renovation costs)

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