Scott Storace - Branch Manager, 100 Pacifica Drive Ste. 140, Irvine CA 92618 NMLS #226339 949.973.0141

"From the minute you call me to the minute we close, I have your back. No hassles, no banker’s hours & quick response times." - Scott Storace

  • Home Loans up to $3,000,000
  • Interest Rate Float Down Option
 

Have Questions? Call 949.973.0141

A Seamless Path to Renovation

A seamless renovation loan, imagine the possibilities!

A seamless renovation loan, imagine the possibilities!

 

Until now, renovation loans meant huge hassles for clients and their preferred contractors. Multiple detailed estimates were required. Additionally, lots of paperwork and a thorough background check for the contractors was necessary. The good news is, times have changed. We are making the renovation loan the perfect option for home repair financing.

Currently PrimeLending requires one contractor bid to get the loan underway. This bid will be used to determine the accurate loan amount required to purchase or refinance your home. This estimate must specify the scope of work, the material and labor costs. Once we have this we can begin the loan process. Without this, we’re stuck. So the best thing you can do is to get the estimate as quickly as possible. This will be used to determine your loan amount. In addition, the appraiser will use it to determine the “after-repair” value of your home.

Getting more than 2 or 3 estimates for home repairs and remodels makes sense for any renovation project. Once your contractor has provided a bid, we will begin working on getting them approved.

Imagine an alternative scenario. What if you were required to provide 2-3 estimate. You select one and submit all the paperwork. Then, after all of your hard work, your lender called to let you know the contractor you were favoring didn’t pass the credit check. Or maybe it wasn’t credit. In many cases references are required. Without these it would be back to the drawing board with more research, more phone calls, and more waiting. Frustrating to say the least.

Today, we do not require your contractor to pass a credit check or to provide references. We ensure that they are licensed to do the repairs in your state. This can shorten the loan process by several days.

If your contractor happens to be a “big box” store that we have a relationship with we can make the process even smoother. The Installation Agreement will have already been submitted and reviewed enabling funds to be wired to them directly at closing, saving even more valuable days.

Choosing the right loan and the right lender is more important than ever before. Choosing the right renovation loan before you begin your project is priceless!

Contact us today if you are ready to renovate!

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