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TESTIMONIALS

Thank you Great Northern Mortgage for the superior handling of my home mortgage package. My attorney Ike Dibia was also impressed with your work in creating the best loan possible. I look forward to any opportunity to recommend your team.

Lissa Luke
Attorney At Law

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HOME / Rehab Loans  

Rehab Loans


A Rehab Loan is a short-term loan secured by real estate and traditionally used until the rehabilitation of property is complete and permanent financing is put in place. Rehab Loan is tailored to the rehabilitation of properties in need of repair. Rehab loan programs allow investors and owners to purchase or refinance real estate properties and include the closing costs, cost of repairs and improvements in one convenient mortgage.

Rehab loans provide investors, homebuyers and current owners the best financing method available to improve property condition and value with one simple transaction. Rehab loans provide flexibility, leverage and convenience. At Great Northern Mortgage, we specialize in providing rehab loans for all types of properties and purposes including residential rehab loans, commercial rehab loans, and bad credit rehab loans.

Great Northern Mortgage is able to provide funds quickly because we have access to national and international sources of private capital. Since these sources use their own private funds, they are not encumbered by prohibitive regulations, which institutional lenders must follow.

Please contact us or complete our Application Form if your loan scenario cannot be adequately handled by traditional lending sources either due to time constraints, deal complexity or the transitional nature of the property.

Rehab Loan Guidelines:


  • Property Types:

    • Residential: 1 - 4 Family, investor properties, condo conversions and small apartment buildings considered on a case by case basis.
    • Commercial: Office Buildings, Retail Stores, Shopping Centers, Warehouse/Flex Space, 5+ Multi-Family units and most other income generating properties.

  • Up to 100% Funding - Acquisition, construction, closing costs (some loans will require at least 5% down payment)
  • Loans up to 70% ARV (After Repair Value)
  • Six (6) to Twelve (12) months loans
  • Interest Rates from 9.9% to 18.9%
  • Flexible Payments Plans for qualified borrowers:

    • No Payments
    • Half-Payments
    • Interest Only payments

  • Pre-Approvals within 3-4 days
  • Loan approvals in 24-48 hours
  • Fast closings - within 10-14 days
  • "Proof of Funds" letters available
  • No Prepayment Penalties
  • No limit on the number of properties
  • Flexible draw schedules -renovation funds are usually advanced in one to three draws and wired directly to your account


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NMLS #108318 • REGISTERED MORTGAGE BROKER • NY, NJ, PA, and FL BANKING DEPARTMENTS 
ALL LOANS ARRANGED THROUGH 3RD PARTY LENDERS
1430 Broadway, Suite 1207, New York, NY 10018