Financing Rehab Suggestions

[Garrett March]

Hello BP Community,

I am new to real estate investing and just bought my first single family home in Austin from a family member. I purchased it through a portfolio loan from a local bank and was gifted more than 20% equity in the property. The bank has me on interest only payments for one year with the option to refinance into a 30-year fixed. I am looking for recommendations on the best way to finance repairs. The bank has offered me a commercial line of credit, but from what they’ve told me everything must go through one general contractor. I’d prefer to be able to pick who does roof, landscaping, etc. on my own and not have every part of the work go through one GC. 

What are the best options to consider for financing the rehab?

Thanks,

Garrett