Rehab Financial Group Review 2026: Court Records, Its Own HMDA Filings and What a 100% Loan Costs

Who Rehab Financial Group is

Rehab Financial Group, LP is a Pennsylvania limited partnership created on June 7, 2010, according to its LEI record, with offices at 1062 Lancaster Avenue in Rosemont, on Philadelphia's Main Line. Its team page says President Susan Naftulin, a former mortgage-company general counsel, founded it with Jeffrey Goldberg in 2009. In a November 2021 interview with CEOCFO Magazine, Naftulin said the partners first lent their own money for a year and that “in 2010 we raised the funds”; the SEC filing below is that fund. She also said RFG then had 15 employees and that most of its business came from southeastern Pennsylvania, New Jersey, New York, Connecticut, North Carolina and Virginia.

RFG is a balance-sheet lender: its home page lists “In-house underwriting and servicing,” and it takes deals both directly and from brokers, who may “charge fees on HUD (up to our points).” Its 30-year rental loan is not its own; the page says it is “offered by one of our partners.” The legal entity you borrow from is the same one that sues defaulted borrowers, which matters in the court section below.

If you are comparing it with national fix-and-flip lenders, our Kiavi review, RCN Capital review and best fix-and-flip lender comparison cover the alternatives.

What RFG advertises (the lender says)

From RFG's own pages, read October 6, 2026:

None of this is audited, and RFG's own statements do not agree with each other. The home page and lending-locations page say 18 states, the funded-deals pages say it lends “in 38 states,” and in 2021 Naftulin told CEOCFO it was open to loans in 29. The lending-locations page also says RFG has “logged 12 years” in the business, which dates that text to about 2021 or 2022. Treat the FAQ's 11.25% to 12.75% as at least as likely to be your quote as the 9.99% headline, and ask which applies, in writing.

What a 100% loan costs at each of RFG's prices

Because the loans are interest-only and RFG has no prepayment penalty, the cost is the rate for the months you hold plus the points. For a $150,000 loan held the full nine months (our arithmetic, before appraisal, inspection, title and legal fees):

The $5,355 gap between the two columns (our arithmetic) is the reason to get a term sheet before paying for an appraisal. “100% financing” also does not mean no cash: RFG wants at least $15,000 or a quarter of the rehab budget in the bank, closing costs, which its FAQ says “you may not finance,” and the interest reserve. Rehab money comes back as reimbursement after the work: its draw page says “No partial work funded,” charges a $30 wire fee per draw, adds a 10% holdback that is paid only at the end, and sends draws “only to borrowers, NEVER to contractors.” You front the contractor.

What RFG's own HMDA filings show (2018 and 2019)

HMDA requires mortgage lenders above a size threshold to report every home-purchase, refinance or home-improvement application they act on, including business-purpose loans. Regulation C's official commentary uses almost exactly RFG's product as an example: a loan with a nine-month term “to enable an investor to purchase a home, renovate it, and re-sell it” is not excluded as temporary financing. RFG registered a legal entity identifier on August 24, 2018 and filed for two years. We downloaded both years loan by loan from the FFIEC HMDA Data Browser and counted.

Three things follow. First, the price: 24 of the 35 loans in 2018 were at exactly 11.99%, which matches the FAQ's range far better than today's 9.99% headline. Second, the leverage: a median combined loan-to-value of 65%, never above 70%, is what “100% financing” looks like in the record. The loan covers the whole cost because the cost is well under the value the lender uses, not because the lender lends more than the property is worth. Third, every reported borrower was a natural person, consistent with the FAQ's statement that “most of our Fix-to-Flip/Rent loans are made to individuals.”

The 2019 file has one oddity: no denials and 150 applications recorded as approved but not accepted, all with a loan amount in HMDA's lowest bucket. We cannot tell from the file what those were.

Why RFG disappears from HMDA after 2019

RFG is not on the FFIEC filer lists for 2020, 2021, 2022, 2023, 2024 or 2025, and the public data show zero records for its identifier in those years. Its LEI, which a HMDA filer needs, shows a next renewal date of November 16, 2024 and the status “LAPSED.”

The rule explains the first two years. A 2020 rule raised the reporting threshold “from 25 loans to 100 loans in each of the two preceding calendar years, effective July 1, 2020,” and RFG had reported 35 and 48. A federal court vacated that change on September 23, 2022, and the threshold went back to 25 closed-end loans in each of the two preceding years. RFG has not appeared on a filer list since.

We could not establish why from public records. Possible reasons include fewer than 25 reportable loans in a year, or loans the rule excludes, such as construction-only loans to build a home for sale. We have not put the question to RFG. The practical consequence for you is simple: unlike Kiavi, RCN Capital or LendingOne, RFG's current pricing cannot be checked in federal data.

What other lenders' borrowers paid in 2025

Since RFG's own record stops in 2019, the closest check is what everyone else reported for the same kind of loan. We took every 2025 HMDA origination in Pennsylvania and New Jersey that was a short-term (36 months or less), business-purpose, first-lien loan on a 1-4 unit investment property with no debt-to-income ratio, the federal footprint of a hard-money flip loan.

RFG's 9.99% headline would sit just above Pennsylvania's 25th percentile of 9.95%, a competitive price if you get it. The FAQ's 11.25% to 12.75% would put most of its loans above the state's 75th percentile of 11.49%. HMDA does not record points on business-purpose loans (the points field applies only to loans that get the consumer closing disclosure), so the 1.5-point versus 3-point question has to be settled on your term sheet. Keep the years in mind: RFG's 2018-2019 rates and other lenders' 2025 rates were set in different rate markets.

The personal guaranty: what a 2025 Pennsylvania appeal shows

The clearest public look at RFG's loan documents is a Pennsylvania Superior Court decision of November 20, 2025 (No. 2601 EDA 2024, non-precedential). From the opinion: between 2017 and 2020 RFG made “a series of loans totaling $4,879,152.33 to 14 limited liability companies” owned by two partners, on 22 properties, under 17 notes. One partner signed 17 personal guaranties. All 17 loans were in default by July 2021. In March 2022 RFG signed a new loan agreement with an entity controlled by the other partner alone and kept the first partner's guaranties alive. In May 2022 the 22 properties were sold and “Rehab received a total of $100,000.00 from that sale.” The other partner and his entity accepted liability for $5,564,403.46 in September 2023. RFG then confessed judgment against the guarantor on February 7, 2024 for $5,664,462.41.

The judgment came without a trial because each guaranty authorized a court clerk to “CONFESS JUDGMENT against the Undersigned” after a default, “with fifteen [] percent thereof added for collection fees; without prior opportunity to be heard.” The guaranties also let RFG change the loans or release collateral “without notice to or consent from” the guarantor. The Delaware County court refused to open or strike the judgment, and the Superior Court affirmed.

This is a lender enforcing documents a borrower signed, not misconduct by RFG. For a borrower the lesson is about the paper: RFG lends to individuals and to LLCs whose principals “will personally guaranty the loan,” and the guaranty can carry a confession-of-judgment clause. Read it, and have a Pennsylvania lawyer explain it, before you sign. RFG has also tried to collect outside Pennsylvania: in January 2026 a Maryland court in Frederick County quashed its garnishment writs against a law firm for lack of jurisdiction.

Other dockets we found are routine for a lender: a 2018 New Jersey bankruptcy in which RFG obtained relief from the stay on a Mount Laurel property, and RFG's listing on the 2023 creditor matrix of Peer Street, the loan-buying platform covered in our PeerStreet explainer; the matrix excerpt shows no amount or role.

Complaints, regulators and reviews

The CFPB Consumer Complaint Database, updated October 5, 2026, returns no complaints for “Rehab Financial” or “rehab” as a company. Business-purpose borrowers rarely file there, so read that as no signal rather than a clean bill. We found no enforcement order in web searches of the Pennsylvania and New Jersey banking regulators, and RFG's website lists no NMLS number; NMLS Consumer Access sits behind a captcha and we did not use it. The BBB search returned no business profile.

Secondary and unverified: Yelp shows an unclaimed listing at 2.5 stars from 11 reviews, and the BiggerPockets threads we read are mixed, with a Philadelphia agent who says his team closed roughly a dozen loans with RFG and other users describing a slow, document-heavy approval. The common thread is underwriting depth: RFG looks at the borrower's credit and finances, not just the property, which its own lender-differences page frames as the difference between private money and hard money.

How RFG funds its loans

RFG's only SEC filing is a Form D filed December 2, 2011 (accession 0001144204-11-068042): an offering of limited-partnership units in Rehab Financial Group, LP of $15,000,000, with $1,000,000 sold, a $62,500 minimum investment, and brokers paid up to 3%. It names Jeffrey Goldberg and Susan Brillman Naftulin as executives of the general partner, Rehab Finance GP, LLC. There is no later filing and no securitization in its name, so RFG's current capital sources are not public. That is normal for a private lender of this size, and it is why RFG's own statements, not filings, are most of what a borrower has to go on.

What a borrower can do with this

• Get the price in writing before the appraisal. Ask whether your loan prices at 9.99% and 1.5 points or in the FAQ's 11.25%-12.75% and 2%-3% range, and what the extension fee is. On $150,000 for nine months the difference is about $5,400.
• Check it against 2025's market. Pennsylvania flippers' middle half paid 9.95% to 11.49% and New Jersey's 9.5% to 10.815% in 2025. Get a same-day quote from at least one lender that reports to HMDA, such as Kiavi or RCN Capital.
• Budget the cash that 100% financing still needs. $15,000 or 25% of the rehab budget, closing costs and six months of interest, plus enough to pay your contractor before each draw is reimbursed.
• Read the guaranty, not just the note. If it contains a confession-of-judgment clause, understand that in the documents in that case it let RFG obtain a judgment after a default without a hearing, with 15% collection fees.
• Brokers: RFG pays on funded loans and lets you charge fees on the settlement statement up to its points; disclose that to your client, because it comes out of the same 1.5% to 3% the client sees.

FAQ

Sources, read October 6, 2026: Rehab Financial Group's HMDA loan-level records for 2018 and 2019 and the HMDA aggregation counts for 2018 to 2025 (FFIEC HMDA Data Browser, LEI 2549007OKYM2CKAH3W45), the FFIEC HMDA filer lists for 2018 to 2025 and its GLEIF LEI record; all 2025 HMDA originations in Pennsylvania and New Jersey (conventional, originated) for the benchmark; Regulation C, 12 CFR 1003.2, 1003.3, 1003.4 and the official interpretations (eCFR), and the Federal Register technical amendment of December 21, 2022 (87 FR 77980); SEC EDGAR, Form D accession 0001144204-11-068042 (CIK 1535230); Rehab Financial Group, LP v. Grimes, Pa. Super. Ct. No. 2601 EDA 2024 (November 20, 2025); the Frederick County, Maryland opinion and order in No. C-10-JG-25-002261 and the Genesis Capital complaint (E.D. Pa. 2:25-cv-02649) via CourtListener RECAP; RFG's loan-terms, FAQ, draw-process, lending-locations, product, broker, team and home pages; the CFPB Consumer Complaint Database; and, as secondary sources, CEOCFO Magazine (November 8, 2021), BBB, Yelp and BiggerPockets. Medians, percentiles, cost examples, the yearly-volume estimate and the benchmark are our arithmetic on those records. Short-term business-purpose investor loans with no debt-to-income ratio are our proxy for hard-money loans; HMDA has no hard-money field. This is analysis of public documents, not investment, legal or tax advice.