Private loan for primary

[Elise Wharton]

Hey guys! Does it make sense to look for a private lender if you want a home that needs a full rehab as your primary residence and the post says cash or private only? After rehab, if it appraised well, I would refinance it into a conventional right? Or am I missing some crucial steps/it’s not that easy? 

[Chris Seveney]

@Elise Wharton

Private lenders rarely lend for primarily residence due to CFPB, consumer protection laws and other issues that go along with this lending and usury laws

If it’s friends and family they may lend but traditional private lenders will not.