Castle Rock is well known as experts in the investor renovation world. Now we bring that same expertise to consumers with our Conventional, FHA, VA, and USDA Renovation Loans for owner-occupants as well as for those wishing to renovate a second home. Our Renovation Loans enable a borrower to finance the purchase or refinance of a home and the cost of its renovation through a single mortgage. Renovation lending is a problem-solver to help borrowers get the most out of their properties. And what’s more, next to adding aesthetic value, renovation loans can help quickly boost property equity. This opens up a whole new world for customers that struggle to find the perfect home, those that love their home but need to remodel or add a pool, or real estate agents that have a “rough” property that they need to move through means other than a fire sale. Here are some bullet-points on the program:
- Conventional, FHA, VA, and USDA
- Uses the Lesser of Property Cost + Rehab Cost or As Completed Value
- Major Rehabs Allowed
- Add a Pool or a New Roof…A-OK
- As little as 3% down for Conventional, 3.5% for FHA, and 0% for VA and USDA.
- Up to 5 “Draws” to your licensed Contractor
How Does Our Process Work?
Before diving into the world of renovations, it’s wise to begin by discussing your needs with your trusted Castle Rock Loan Officer and securing pre-approval. Once you’ve got that sorted, it’s time to explore properties with your Real Estate Pro. It’s crucial that your Real Estate Pro and Loan Officer maintain close communication throughout the process to ensure seamless coordination. Our Renovation Loans are your ticket to a world of possibilities, offering you and your agent a plethora of options. Ever been captivated by those TV shows where seemingly humble homes are transformed into stunning dwellings? That’s precisely what we specialize in—turning sow’s ears into silk purses. Alternatively, if you already own a property that’s ripe for transformation, we’re here to help. Let’s have a conversation today about how we can turn your current home into the dream home you’ve always envisioned. Whether you’re searching for a new property to renovate or eager to transform your existing space, our renovation loan program is tailored to meet your needs and bring your vision to life.
When navigating the purchase of a home, your agent typically handles the standard contract, but when opting for a renovation loan, a host of additional considerations come into play. Beyond the traditional paperwork, we’ll need to delve into collaboration with your contractor, designer, HUD Consultant, and other professionals. This collaborative effort ensures that every aspect of your renovation project is meticulously planned and executed to perfection. Working closely with these experts, we streamline the process, minimizing potential hiccups and maximizing efficiency. From initial consultations to final inspections, our team is dedicated to guiding you through each step with confidence and ease. Rest assured, our extensive experience in facilitating renovation loans equips us to navigate any challenges that may arise along the way. We understand the complexities involved and have perfected strategies to overcome them, leaving you free to focus on envisioning and enjoying your dream home.
At our lending institution, we understand that embarking on a renovation journey can feel daunting. That’s why we offer comprehensive support every step of the way. From helping you select a licensed contractor to coordinating with your HUD Consultant and other professionals like designers or pool contractors, we ensure that you have a skilled team by your side. Our process begins with aligning your vision for your dream home with the expertise of our approved contractors and consultants. While this phase may require some time and deliberation, rest assured that having experienced professionals on board is the cornerstone of a successful renovation project. Once you’ve finalized your preferences, it’s time to get down to business. Together, we’ll meticulously craft a detailed plan that fits within your budget. This collaborative effort ensures that everyone involved is on the same page and working towards a common goal: transforming your vision into reality. So, whether you’re envisioning a complete home overhaul or a specific area renovation, trust us to guide you through the process with expertise and care.
Renovation projects, much like professional painting, require meticulous preparation for success. Contrary to what’s depicted on TV, the bulk of the effort lies in the planning and groundwork rather than the flashy transformations. Your contractor becomes your partner in this journey, collaborating with architects, designers, engineers, subcontractors, and most importantly, you, to craft plans that align precisely with your vision. Together, we ensure that every detail is tailored to your needs and desires. Once the plans are finalized, your contractor takes the reins in liaising with local government authorities to secure the necessary permits and permissions. This crucial step ensures that your project complies with regulations and can proceed smoothly. Just as professional painters invest time in preparation for flawless results, our approach to renovation prioritizes thorough planning and coordination. With our guidance and expertise, your renovation journey will be characterized by careful attention to detail and a commitment to bringing your vision to life. Let’s begin transforming your space into the home of your dreams today.
Renovation loans share similarities with traditional loans in terms of fees and terms, but they also encompass unique fee categories like draw fees, permitting fees, architectural fees, and design fees. Interest rates typically range from ¼% to ½% above market rates. However, Castle Rock offers significantly lower pricing compared to most lenders, ensuring you secure a fantastic rate even for your renovation project. With our competitive rates and tailored loan options, Castle Rock is your ideal partner for financing your renovation endeavors.
At Castle Rock, our renovation loan underwriting process differs from our conventional, FHA, VA, and USDA loans. While we assess your creditworthiness in the standard manner, we also underwrite your contractors, plans, specifications, and the entire project. Additionally, we appraise the property based on its “As Completed” state rather than the traditional “As Is” method. Despite these variations, rest assured that we excel in this process, ensuring a smooth experience for you. Our expertise enables us to manage the intricacies of renovation loan underwriting efficiently, guiding you through each step with ease. With Castle Rock, you can trust that your renovation project will be handled with care and expertise, resulting in a seamless and satisfying experience from start to finish.
Unlike most loans where closing day marks the end of the process, with Castle Rock’s renovation loan, it’s just the beginning of the excitement. Closing day signals the start of the real fun—the transformation of your vision into reality. Instead of bidding farewell to the process, you’re launching into the exhilarating phase of renovation. Get ready to witness your dream home take shape as we embark on this journey together, starting from the moment you close. With Castle Rock’s renovation loan, closing day isn’t an endpoint; it’s the thrilling starting point of your renovation adventure.
As you embark on the exciting phase of demolition and reconstruction, rest assured that our renovation loan program is designed to streamline the process for you. After the exhilarating task of breaking things down (yes, it’s fun!), we begin the journey of rebuilding your space according to your vision. Throughout the renovation journey, we ensure transparency and accountability every step of the way. As portions of the work are completed, Plaza orders inspections conducted by Construction Consultants to ensure quality and adherence to plans. Your contractor typically divides the project into manageable segments, usually up to five, each culminating in a milestone agreed upon in advance. When a segment is finished, your contractor requests a draw—a portion of the allocated funds for that specific phase. Our consultants meticulously inspect the completed work to verify its quality and compliance with the approved plans. Once confirmed, the draw payment is disbursed to the contractor, ensuring a fair and systematic progression of payments throughout the project. This process repeats until your project reaches its completion, ensuring that each step is completed to the highest standards and in alignment with your expectations. With our renovation loan program, you can embark on your renovation journey with confidence and peace of mind.
Navigating the intricacies of renovation loans can be daunting, but we’re here to guide you every step of the way. Unlike many lenders, we possess the expertise needed to navigate the nuances of renovation projects. Whether it’s coordinating with contractors, consultants, or ensuring compliance with regulations, our team is well-equipped to shepherd you through the process.
With our experience and dedication, we’re committed to helping you achieve the dream home you’ve always desired. Reach out to us today, and let’s start a conversation about how Castle Rock can turn your renovation project into your very own “home makeover show.” Together, we’ll explore the possibilities and tailor a solution that meets your needs, ensuring a smooth and rewarding renovation journey.
Castle Rock Capital Funding, LLC (NMLS 2318381) is a Florida LLC owned by Douglass Smith, Licensed Mortgage Loan Originator (NMLS 1984040).
About Us
A family owned company; we’ve been helping residential and commercial clients purchase and refinance property. Please click on About in the headers to learn more.
Company NMLS: 2318381
www.nmlsconsumeraccess.org
