SCRL Benefit: One time credit check and approval.
You may be familiar with the concept of borrowing on your home’s equity, but did you know that traditionally that required multiple loan approvals? That could take weeks, and even months, and in today’s fast-paced market, time is of the essence.
The idea of needing to go through the mundane approval process multiple times for subsequent disbursements is daunting at best, and troublesome at worst with each month of funds lost and costs going down the drain. So what are your options?
A single-close renovation loan (SCRL) is a simple way to get funding from a bank without multiple processes, fees and costs, and excess time associated with traditional loans.
Home renovations are always an exciting way to update your home, improve value, and raise your competition in a seller’s market but it can often cost you in more time and money than expected. So what is a home owner to do?
SCRL Benefit: 1 time 1 loan which allows you to finish the financing portion of the project at once with out the worry and unnecessary stress and headache associated with traditional renovation project loans.
Once you’ve been approved, you can also use the funds to repay the financing of previous home renovations, which is another lesser known benefit of a SCRL loan.
Ask yourself where you will live.
You are not required to occupy the property as a primary residence while the renovations are ongoing. This can be particularly helpful if you own multiple properties, need to move out temporarily to accelerate the renovation process, or simply plan to rent your home out.
Worried about how the cost of materials and paying your contractor is going to pan out?
100% of the cost of materials will be advanced and renovations costs paid directly so you don’t have to worry about how you will cover your costs. You wont have to wait on your next approval or rack up credit card debt. It’s all taken care of upfront and factored into your single loan!
Are you ready to take the plunge and update your kitchen, tear down walls and build new ones, or add a bathroom? You don’t have to wait. We’re here to help! Contact one of our 9x mortgage consultants and we will be happy to get you started for approval on your SCRL loan immediately.
We’re ready to serve you!