“With an aging housing stock and too many foreclosed properties damaged and uninhabitable, renovation loans are the products for today’s market.”
Denver, CO (PRWEB) February 09, 2012
RenovationReady™, a national service provider to lenders active in renovation lending, was recently chosen by HousingWire as one of its Giants of Innovation for streamlining and simplifying the renovation lending process and creating new market opportunities for lenders and residential real estate professionals.
According to HousingWire, the nation’s leading news source on the U.S. housing market, Giants of Innovation are “some of the most innovative, forward-thinking companies in the industry.”
“We are thrilled with this important recognition by HousingWire, and welcome the attention it will bring to our lender partners who understand the tremendous need in the market for renovation loan products,” said Jim Fraser of RenovationReady™. “With an aging housing stock and too many foreclosed properties damaged and uninhabitable, renovation loans are the products for today’s market.”
FHA 203(k) renovation loans provide the funds to purchase the property “as is” and finance the repairs. RenovationReady™ offers lenders a streamlined start-to-finish solution that eliminates the guess work and mitigates the risk of these complex products that require specialized skills to process, close and manage:
- Property inspection, qualification and certification
- Loan project processing and fulfillment
- Guaranteed 45-day loan close
- Automated back-end loan administration, funds control and online disbursement system
RenovationReady™’s loan process, fulfillment and administration systems, and marketing solutions are a win-win for lenders who are not well versed in construction lending, yet looking to take advantage of an underserved market niche.
Phoenix-based CFS Mortgage Corporation, a regional mortgage bank serving Arizona and California, was among the early adopters of RenovationReady™’s lender services. According to CFS Managing Director and President Drew Buccino, “With RenovationReady™’s ability to budget and scope the needed repairs upfront, we can close 203(k) loans in 45 days. This is a huge advantage when working with listing agents and sellers concerned that rehab financing will delay a sale.”
Through its web-based marketing programs, RenovationReady™ provides its partners with highly qualified homebuyer leads and online pre-qualified property listings. Real estate professionals with little or no experience in marketing fixer-uppers, can attract new homebuyers and sellers by leveraging RenovationReady™’s skills, experience and tools to evaluate and make purchasing decisions on distressed properties.
“Through our nationwide team of renovation specialists, we inspect each property to ensure its unique needs are addressed and the property qualifies for a FHA or Fannie Mae renovation loan,” said Fraser.
For more information, contact RenovationReady™ at (866) 364-6720 or visit renovationready.com to download A Practical Guide to Home Renovation Lending, a valuable resource for anyone planning to finance the renovation of a home.
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