Delivering Capital
RCIF provides capital to finance the rehabilitation of homes in the low and moderate income neighborhoods of Rockford which make up its Target Market.
RCIF's financing product provides small contractors with access to capital necessary to rehabilitate homes, primarily in RCIF’s Target Market.
Prospective borrowers must provide the following, as well as further information which may be required on a case-by-case basis:
- A personal financial statement for you and any other owners of the business/project
- Personal tax returns for you and any other owners of the business/project for most recent year
- Business tax returns for past two years, if applicable
- Contract or letter of intent for property
- Description and estimates for improvements
- Comparable sales data for other similar properties in the immediate vicinity to establish value of the project property
- A satisfactory credit score and no history of code violations or delinquent real estate taxes
- A satisfactory title search on the project property
The loans can finance up to 100% of the acquisition and rehabilitation costs, and are secured by a first mortgage on the subject property.
The loans are short term, typically one year, limited to no more than $100,000, with an interest rate designed to incentivize the borrower to complete the rehabilitation and sell the subject property to the ultimate owner-occupant in a timely manner.