Renovation Loans In Sarasota
Rates Starting at 10%
West Forest Capital is a renovation lender, financing real estate investments up to $5 million. We have gained a reputation as the fastest renovation lender because we know how critical each day is in the competitive real estate market.
- We are a direct lender, not a broker
- Same day pre-approval
- Funding in 3-12 days, although 1 day is possible
- Loan amounts up to $5 million
Property Types
- Multi-family
- Single-family Investment Properties
- Condominiums
- Apartments
- Co-ops
- Retail
- Small Office Buildings
- Industrial & Warehouse
- Duplex
- Triplex
- Quadplex
- Mixed-Use
Lending Parameters
| Loan Size | $100,000 to $5,000,000 |
| LTC | Up to 80% of purchase price |
| Rehab Funding | 100% |
| LTV | Up to 70% of the ARV |
| Term | Standard is 12 months. 24-36 months is available |
| Lien | First lien; second lien as additional collateral only |
| Interest Rate | 10%–12.5% |
| Points | 1.5–2% of the loan amount |
Counties Covered
West Forest Capital lends in the following counties:
- Broward County
- Collier County
- Duval County
- Hillsborough County
- Martin County
- Miami-Dade County
- Orange County
- Palm Beach County
- Pinellas County
- Volusia County
Recently Funded Investment Property Renovation Loans
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Jersey City, NJ
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Newark, NJ
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Elizabeth, NJ
Why Use a Renovation Loan
- If You Need Rapid Funding: Unlike traditional banks that may take months to process your loan application, West Forest Capital offers same-day approval for investment property renovation loans, with funding available in just 3 to 12 days. In urgent cases, we can even provide funding within 24 hours.
- Because the Property Requires Renovation: Traditional banks often shy away from financing properties that need rehab, lack a Certificate of Occupancy (CO), or have other issues. West Forest Capital specializes in funding investment property renovation loans for properties that do not meet standard banking criteria.
- If You Have Less-Than-Perfect Credit: We understand that situations come up in life that might impact credit. That’s why we focus on the property’s value rather than your credit score when underwriting the loan.
- It’s Investment Real Estate: Typically, banks require loans to be made to individuals. But you are renovating your investment property and it should be treated as such by being in an LLC. This way, you get all of the benefits of owning an LLC, and the renovation loan is structured as a business-purpose loan to your LLC.
Why Choose Us For Your Renovation Loans
We’re passionate about supporting real estate investors with their renovation projects, providing specialized renovation loans tailored to meet your project’s unique needs. Our expertise spans beyond local regulations; we understand the critical elements involved in planning, budgeting, and structuring renovation financing for properties in various markets. With experience working alongside contractors, navigating permit requirements, and coordinating with city inspectors, we’re prepared to guide you through the entire renovation loan process. Let us be your trusted partner, helping you bring your investment properties to life with confidence and ease.
Finance Your Renovation Property
The market for renovating properties is strong, with high demand and a solid supply of homes ready for improvement. This setup offers a promising opportunity, with attractive spreads between purchase prices and renovation costs.
However, this active market also brings competition, as many real estate investors want to capitalize on these opportunities. Our team at West Forest Capital is here to help you gain an edge with committed, cash-equivalent capital and make sure your renovation process is as seamless as possible. Let us support you every step of the way to help make your project a success.
Asset-backed Lender Focused on Customized Solutions
We are guided by the current “as-is” market value, the renovation costs, and the “after repaired value.” We are easy to work with and typically provide a large amount of the purchase price and 100% of the rehab costs. We are also flexible: if you do the construction out of order from your original schedule, or have a budget overrun, we will work with you to make sure your renovation project is successful.
West Forest Capital also offers the longest hard money renovation loan available on the market (2 years), which is a great option for those projects that may take a bit more time.
Call us today, and let’s talk about your loan scenario. Most likely, we will be able to fund you.
Frequently Asked Questions
What are renovation lenders?
At West Forest Capital in Sarasota, we provide asset-based loans for renovation projects. Our focus is on the property’s current and after-repair value rather than your credit score, offering a faster and more flexible solution for investors in need of quick funding. Our process is designed for efficiency, with loan approvals and funding completed in just a few days, making it ideal for properties requiring rehab or lacking a Certificate of Occupancy.
How do renovation loans work?
Our renovation loans are simple to secure. Interest rates typically range from 9% to 12%, with closing fees. We finance up to 85% of the property’s purchase price and 100% of the renovation costs, with funds released in stages as the renovation progresses. The loan is short-term, designed to keep the total financing under 65% of the property’s after-repair value (ARV).
What documents or information will I need to provide to get pre-approved?
To get pre-approved, we’ll need property details, the purchase price, renovation budget, and an estimated ARV. Unlike traditional loans, we focus more on the property’s value than your credit score. However, providing your recent financials and proof of LLC ownership can help speed up the process.
What do renovation lenders look for?
At West Forest Capital, we issue loans to LLCs and assess both the purchase price and ARV to ensure the property is a solid investment. We look for properties bought at or below market value, adherence to rehab schedules, and a clean title. Our objective is to help you make a profitable investment and ensure a smooth loan repayment process.
What is a renovation loan used for?
Renovation loans from West Forest Capital are perfect for real estate investors who may not find favorable terms from traditional banks. Whether you’re flipping, renting, or acquiring property at auction, our loans provide the speed and flexibility needed for these transactions. They also work well for cash-out refinancing, refinancing existing mortgages, or purchasing under an LLC—scenarios that are often unsupported by traditional lenders.
How is the home renovation loan budget assessed and approved?
When we review your rehab budget, we check that it fits with the overall improvement plan and estimated ARV. We fund 100% of the rehab costs as long as they meet our guidelines. If changes arise during the project, we’ll work with you to adjust, providing flexibility not available with many traditional loans.
What should I consider before applying for a renovation loan?
Before applying, make sure to evaluate the property’s potential for profit and have a well-thought-out renovation plan. West Forest Capital will assess your project’s feasibility and profitability. Understanding the terms and making sure they align with your project’s timeline and budget will set you up for success.
How quickly can I access funds once approved for a renovation loan?
After approval, you’ll have quick access to funds, allowing you to start purchasing and renovating your property without delays. This speed is one of the key advantages that make us a top choice for renovation financing in the real estate market.
Can I apply if I have had credit issues in the past?
Yes, we welcome applications from individuals with past credit issues. We don’t have a strict minimum credit score, and instead, we focus on reviewing your financial history as a whole. This allows us to support investors with lower credit scores who are working with properties that have strong ARV potential.
Do I need to have an LLC before applying, or can I set one up after loan approval?
It’s best to have your LLC set up before applying, as our renovation loans are only available to LLCs. If you are considering other financing options, like personal loans or home equity lines, they typically don’t require an LLC. However, they may not provide the same level of funding or flexibility when it comes to financing investment properties.
Can I use the loan to finance renovations for rental properties, or is it only for properties intended for resale?
Our renovation loans are perfect for both rental properties and properties you intend to sell. Whether you are improving a property for tenants or preparing it for sale, our loans offer the flexibility to support either scenario. Traditional loans may not provide the same level of financing for these types of real estate investments.
