Need financing for a renovation project on a Rental Property

[Luca Giani]

Hello everyone,

we got a bid for 20k to get our rental property ready for the market and get the CoO (certificate of occupancy).

Any product out there to finance the project?

Thanks in advance

[Erik Estrada]

Do you own this property outright? Is there a mortgage balance? Is the property currently distressed?

[Luca Giani]

There is a mortgage balance but the property is not distressed

[Ko Kashiwagi]

If you are looking to resell it, likely a bridge loan would make sense. You can do a 12 month cash out bridge which will pay off your old loan and get you funds to do the rehab as long it appraises high enough

[Connor Hibbs]

Hi Luca,

a rate/term bridge with rehab budget would be your best bet. there would be no PPP's since it's a bridge, you'd be able to pay off the existing lien, and you'd get your funds to do some renovations to the property.

I should be able to help with this, but I'd need more information on the property and how much in rehab you are looking to do.