Rehab Loans ?

[David O Smith]

I have a property that is free and clear, with no liens. The estimated rehab budget is approximately $40,000. The most recent appraisal values the property at $55,000. I am struggling to find financing for this property and need a rehab loan with reasonable terms. Any suggestions?

[Doug Smith]

It will be hard with a more institutional lender like us to get down below $100K on a loan amount. Our cost to do business vs the revenue a small loan generates would put us in the red. You're likely best to fund that wish someone local...perhaps someone you know...that is looking to put $40K-$50K to work. I would stick with individuals at those lower price points.