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What costs will my Redevelopment Loan cover?
Omni National Bank, a pioneer in the redevelopment lending industry, provides one of the best loan programs available. We will lend up to 90% of your property acquisition cost, closing costs, and rehab costs.
Do I need to have good credit in order to qualify for an Omni loan?
Although it is preferred, good credit isn't necessary with our program. A Beacon score of 650 or higher qualifies for a faster approval, scores below 650 are evaluated on a case-by-case basis. There are a variety of factors that will determine your approval. Factors other than your credit score include: the property itself, the reason(s) for your lower credit score, a down payment, the loan to value, and your redevelopment experience.
Once I am approved, how long will it take to close my loan?
With Omni, you never have to worry about long delays and missed opportunities. We can usually close your loan within 7 business days and often faster.
What After Repaired Value (A.R.V.) are you looking for?
Omni, in general, will lend up to 70% of the After Repaired Value.
How do I find a property that you will approve?
There are many tools to help you find suitable investment properties. One of the best is your local real estate investment association. Another method for finding properties is to contact local realtors and property wholesalers. Often, Omni will have properties listed for sale. Your property should be one that is in need of minor to moderate restoration.
How does the escrow draw procedure work?
Each week, you will submit a Draw Request Form (your form can be downloaded from this site) for work you have completed. An Omni loan officer will review your request and make a property inspection. Once the inspection process is complete, your draw request will be available by check or deposited to your Omni bank account by Friday afternoon.
What are the benefits of working with Omni?
The major benefits you will enjoy as one of our customers are:
- Significantly lower rates than our competition.
- Comprehensive inspections of your property before you purchase. Our second opinion might help protect you from a bad investment.
- Quick closings.
- Fast draw requests made via deposits directly into your Omni checking account. You won't have to wait for your money or come to our office.
- Multiple bank products and services which are available to you when you establish your relationship with Omni.
- Establishment of credit with a National Bank. This has real meaning for your future, whether it is in providing a relationship for purchasing and developing real estate or providing for your other financial needs! Our credit reference can be very valuable.
What do I need to do to apply?
Simply contact your local Omni Redevelopment loan officer by clicking on your city above. Our professionals will take the time to explain the process in detail and then walk you through our loan application for pre-approval. No one makes it easier than Omni.
Omni National Bank... Wherever you are... Whatever it takes
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