What Is Real Estate Owned Financing (REO)?
REO financing is a loan provided for the purchase of a real estate property that was foreclosed on by a lender and had its title reverted back to the lender after the property had remained unsold via foreclosure sale and auction. Typically, REO properties are sold “as-is”.
Although Riverdale Funding does not provide commercial real estate financing to properties requiring extensive rehab, we do provide financing on commercial real estate properties based on the value of the REO asset and we will review each commercial financing request on a case-by-case basis.
For those investors who are looking for interim financing to fund the purchase of a commercial REO property, contact Riverdale Funding today to inquire about our REO financing program.
COMMON / POPULAR QUESTIONS
What is a Real Estate Owned Loan?
REO financing is a loan provided for the purchase of a real estate property that was foreclosed on by a lender and had its title reverted back to the lender after the property had remained unsold via foreclosure sale and auction.
How do REO Loans help?
Real estate owned properties are sold “as-is,” but often carry the potential to be purchased below market value once improvements have been made. Banks are often eager to sell these properties, giving real estate investors with speedy access to funding an advantage when it comes time to make the purchase. Riverdale Funding’s fast loan approval process can provide REO financing as quickly as within a few days, giving investors the opportunity to take advantage of the full set of benefits of bank-owned properties.
Does Riverdale work with brokers?
Yes. Riverdale Funding is a “broker-friendly” company, and we value our broker-partner relationships. We know the importance of having a lender you can trust to get your loans closed quickly, and we have many experienced account executives and former brokers ready to help. However, borrowers who are searching for cash out refinancing are also encouraged to apply with Riverdale Funding directly.
How long will I have to pay back the loan?
Riverdale Funding’s borrower-friendly cash out refinance loans carry interest-only terms of 1-3 years.