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Updated about 16 hours ago on . Most recent reply
Purchase and rehab lenders
Hello I have a client who needs to do a purchase and rehab loan on a four unit property in New Orleans. FICO is 700+ purchase price is 80K and the rehab budget is 100K. ARV is around 300K. The client has experience with renovating one other property, has other properties they rent and is also a property manager.
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Quote from @Charles Becoat:
Hello I have a client who needs to do a purchase and rehab loan on a four unit property in New Orleans. FICO is 700+ purchase price is 80K and the rehab budget is 100K. ARV is around 300K. The client has experience with renovating one other property, has other properties they rent and is also a property manager.
Hi Charles,
As long as the borrower can show they have similar renovation experience, you should be able to do 80-85 on the initial PP and 100% of the rehab financed.
- Erik Estrada
- [email protected]
- 818-269-7983
