request being 78% ARV and RFG maxed at 75%, the borrower put down $36,000 (5%); points and fees were $33,288; and $27,814.44 was required as a three-month payment reserve. The out-of-pocket borrower cash needed at closing was $97,912.19. The RFG 100% financing loan requires no down payment. Assuming the standard 10%-20% down payment requirements of other lenders, this would have been approximately $150,000 to $176,250. By choosing Rehab Financial Group for financing, this investor saved between $53,000 and $78,000 at the closing table.
when you find the right loan from the right lender. •
THE BOTTOM LINE Not all lenders or all loans
offered match everyone’s needs. RFG requires more documentation than other non-Income verification lenders, but the payoff is 100% financing. Investors must research, get a good handle on the renovations needed to improve a home, and deliver the value they want when selling. It is essential to have a detailed plan illustrating the renovations to be undertaken and accurate estimates of their potential cost. It takes a little time upfront and some good research and planning, but it all pays off
John V. Santilli is the chief revenue officer for RFG. He joined the company in July 2019 and is responsible for all opportuni- ties connected to its RFG, including expanding the company’s sales channels to maintain its position as a leader in rehab financing. Before joining RFG, Santilli had 25 years of lending and marketing executive leadership experience across multiple private and public marketing- dependent companies. He managed companies from startup to maturity, ranging from $2.5 million to more than $50 million in annual revenue. Santilli earned a master’s degree in management from the University of Pennsylvania and a bachelor’s degree in business administration with a concentration in marketing from Drexel University.
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