TCLB works with all buyers regardless of financing status and doesn’t differentiate between applications to purchase a property through cash or financing.  Approved applicants who are paying with cash will be required to use TCLB’s preferred closing company, whereas approved applicants who are paying with financing have the right to select the closing company of their preference.  Due to the unique nature of purchasing a TCLB property all applicants are recommended to select TCLB’s preferred closing company to ensure a smooth and timely closing.    

Most TCLB properties will likely qualify for renovation loans such as the FHA 203(k) Loan Program and the Fannie Mae Homestyle Loan.  TCLB recommends all interested applicants research a variety of loan programs and providers to see which may suit their needs best.  Check out TCLB’s Resource Page on Lenders that offer renovation loans.

At closing TCLB typically places an Enforcement Mortgage and Note on the property to ensure the buyer follows through with the renovation work as agreed.  All applicants seeking financing through traditional and Hard Money means are recommended to provide their potential lender with a copy of the Enforcement Mortgage and Note when seeking pre-approval to ensure their lender approves of the terms of the Enforcement Mortgage. TCLB’s Board is willing to consider putting its Enforcement Mortgage in the secondary position if formally requested by the applicant within their application.