The Reno Game Presents
KNOW YOUR
NUMBERS.
Before You Fall in Love With the Deal,
Understand the Math.
A free practical guide to understanding the numbers behind renovation, rehab and real estate financing.
Learn how lenders think about leverage, value, project cost, cash flow, borrower qualification and the overall structure of a deal.
Send Me the Free Guide
What You'll Learn
THE NUMBERS BEHIND THE DEAL.
LTV
Loan-to-Value
Understand how financing compares with the value used by the applicable loan program.
LTC
Loan-to-Cost
Understand how lenders compare financing with total project cost.
ARLTV
After-Repair Value Loan-to-Value
Understand how financing compares with the projected value after repairs are completed.
ARV
After-Repair Value
Understand why completed value matters in renovation and investor financing.
DTI
Debt-to-Income
Understand how traditional mortgage underwriting evaluates borrower income and debt.
DSCR
Debt Service Coverage Ratio
Understand how investment-property lenders may evaluate property cash flow.
EQUITY & LIQUIDITY
Understand the difference between projected equity, cash to close and actual available liquidity.
RENOVATION BUDGET
Understand why the scope of work and project budget affect financing.
SAME PROPERTY.
DIFFERENT LOAN.
DIFFERENT MATH.
The same property can look very different depending on how it is being financed.
A renovation mortgage may focus on one set of calculations.
A private rehab lender may focus heavily on LTC and ARLTV.
A DSCR lender may focus on property cash flow.
A construction lender may evaluate another combination of project, borrower and property factors.
Know Your Numbers helps you understand the language behind those conversations.
Purchase Price
$200,000
Renovation Budget
$75,000
Total Project Cost
$275,000
As-Is Value
$225,000
Projected ARV
$375,000
Illustrative Loan
$220,000
AS-IS LTV
$220,000 / $225,000
97.8%
LTC
$220,000 / $275,000
80.0%
ARLTV
$220,000 / $375,000
58.7%
SAME PROPERTY. SAME LOAN.
THREE DIFFERENT WAYS TO LOOK AT LEVERAGE.
Illustrative example only. Actual lender calculations, eligible costs, value definitions and maximum financing vary by program and lender.
BUILT FOR PEOPLE WHO
ACTUALLY DO DEALS.
HOME BUYERS
Especially buyers considering homes that need renovation.
REAL ESTATE INVESTORS
Fix-and-flip, BRRRR, rental and value-add investors.
REALTORS
Agents trying to understand how financing can affect difficult or dated properties.
REAL ESTATE PROFESSIONALS
Contractors, builders and professionals involved in renovation and construction transactions.
Inside the Guide
WHAT'S COVERED.
Get the Free Guide
KNOW THE NUMBERS
BEFORE YOU MAKE THE MOVE.
Know the numbers lenders and investors use to evaluate real estate deals — before you make your next move.
Free educational guide. No spam.
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From the King of Reno
THE NUMBERS ARE ONLY USEFUL IF YOU KNOW WHAT THEY'RE TELLING YOU.
Dustin Swigart is a mortgage professional with more than two decades of experience and deep specialization in renovation and construction financing.
The Reno Game was built around a simple idea:
Don't just look at what a property is today.
Understand what it could become — and how to finance the path from one to the other.
Already have a deal?
ALREADY HAVE A DEAL?
You don't need to know which loan you need.
Send me the property, the renovation budget and what you're trying to accomplish.
I'll help you start with the right questions.