Lima One Capital now offering first in industry single-close loan, Fix2Rent
August 1, 2019
Lima One Capital, the nation’s premier lender for real estate investors, is introducing an innovative loan product that combines features of its FixNFlip loans and Rental30 loans into the SFR industry’s first single-close rehab to rent product.
Lima One’s new Fix2Rent and Build2Rent loan offerings allow real estate investors to combine a fix and flip and/or construction loan with a 30-year rental property loan in a simultaneous close. This first-of-its-kind loan will allow investors to fix/build and hold a property versus selling the property or searching for a new permanent loan. For real estate investors, one closing instead of two creates major benefits, including:
- streamlined underwriting
- significantly reduced costs and fees and
- committed long-term financing for the subject rental property.
No other specialty lender offers a single-close product to real estate investors nationwide.
The new loan applies to rehab properties as well as to new construction, said Jeff Tennyson, Lima One Capital CEO.
“Lima One continues to be first to the market with creative and innovative lending products that are tailored to our clients’ business models. Our new Fix2Rent and Build2Rent programs are the latest offering to help our real estate investor clients enhance their rental investments. We’re very excited about this new lending offering,” Tennyson said.
Lima One Capital’s FixNFlip loans are geared for the real estate investor looking to purchase and rehab an investment property. The Rental30 suite of loans provides investors of all experience levels the ability to purchase, refinance, or cash out individual rental properties, as well as entire portfolios. Fix2Rent’s combination of these two lines into a single-close option gives investors greater flexibility and convenience.
“Earlier this year, we began hearing from our clients about the need for a one-time close loan that combined a build or rehab component with long-term rental financing. We worked closely with our sales and operations teams to make an extremely cost effective and seamless product, one that is well-suited for anyone executing build to rent, rehab to rent, Opportunity Zone, or other related strategies. The one-close Build2Rent and Fix2Rent products demonstrate our continued market leadership,” said Josh Woodward, Lima One Capital CFO and Head of Product Development.
More information can be found at www.limaone.com/single-close-rehab-rental-loan/.
About Lima One Capital
Headquartered in Greenville, S.C., Lima One Capital is a specialty mortgage finance company, founded by Marines, that specializes in providing customized real estate loans to real estate investors across the nation. Lima One’s core loan products are Rental30, a 30-year, fixed-rate, fully-amortizing loan for purchasing or refinancing residential rental properties; FixNFlip, a 13-month bridge loan for investors who are buying, renovating, and selling properties; and a Multifamily bridge program for the purchase or refinance of 5+ unit multifamily properties. For more information, visit limaone.com.
