Question- on rehab loans- where are my lenders?

[Laura Krukowski]

If I bought a foreclosure for 50k in cash- how hard is it to get a rehab loan? This would not be a primary residence, it would be more of a fix & flip or rental. Our credit isn't great. Do you still need money down for a rehab loan or can you use the property as collateral? 

Any info would be helpful. There is a property I have an interest in and it needs a total rehab. The timing isn't great but damn what an opportunity, I hate to not even TRY to consider making it happen....Thanks gurus!

[AJ Exner]

Quote from @Laura Krukowski:

If I bought a foreclosure for 50k in cash- how hard is it to get a rehab loan? This would not be a primary residence, it would be more of a fix & flip or rental. Our credit isn't great. Do you still need money down for a rehab loan or can you use the property as collateral? 

Any info would be helpful. There is a property I have an interest in and it needs a total rehab. The timing isn't great but damn what an opportunity, I hate to not even TRY to consider making it happen....Thanks gurus!

If you own the property outright, you could approach it with delayed financing. It would use the existing value, or the purchase price, as equity to finance closing costs and then provide a rehab escrow to help fix it up and refinance once you are done.

I have a few clients up in NY that utilize a program that could do that, and their credit requirements aren't too stringent. A lot of your Hard Money Lenders, as long as they are licensed in NY, should be able to help.