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3mth Loan To Start Reno - Renovation Funds Held in Escrow (Reinbursment Only)
I am doing a job in Shaker Heights OH for which I currently have 150% of budget in escrow with the town housing dpt.
I can only get the funds released once violations are rectified. Where can I go to borrow money to give the contractor in order to get the project started? 60 day turn around, I put 90 just to allow for the unexpected. 30 day reno timeline as per my contractor.
Help! Would love to get this started yesterday
Hello Renee, to get your project started in Shaker Heights, OH, there are financing options you can consider to borrow money for the contractor. As a loan officer, I understand the urgency on this, so please don't hesitate to schedule a call with me sometime this week to chat using the link down below. I'm sure there are plenty of creative financing options to best fit your situation.
https://calendly.com/tycoutts\
Best,
Ty
-
Lender
- 719-641-5169
- https://www.aslanhlc.com/tcoutts/
- [email protected]
Quote from @Renee Jones:
I am doing a job in Shaker Heights OH for which I currently have 150% of budget in escrow with the town housing dpt.
I can only get the funds released once violations are rectified. Where can I go to borrow money to give the contractor in order to get the project started? 60 day turn around, I put 90 just to allow for the unexpected. 30 day reno timeline as per my contractor.
Help! Would love to get this started yesterday
Ok 1st question, WHY IN THE WORLD would you buy in SH? I have been doing biz in the clev, markets for 10 years, 100s and 100s and 100s of deals, NEVER ONE in SH. Inspectors are the most arrogant, in all of the cities a nightmare to work with. 2nd, how many have you done in Cleveland overall? 3rd, who's is the contractor, is he someone you just " found" or have you had success with him? So 50k reno in SH? Is this for a rental or flipping to a homeowner? I hope you have a big profit, not less than 30% (if it's a flip) 15-% net cap if its a rental.
maybe I can help,
Hi, yes you will need to speak with your Lender/ Bank/professional financial advisor. There are strict rules and regulations in Shaker Hts. and a lot of the other cities and suburbs. They will lead you in the right direction. Good luck and best wishes!
Quote from @Renee Jones:
I am doing a job in Shaker Heights OH for which I currently have 150% of budget in escrow with the town housing dpt.
I can only get the funds released once violations are rectified. Where can I go to borrow money to give the contractor in order to get the project started? 60 day turn around, I put 90 just to allow for the unexpected. 30 day reno timeline as per my contractor.
Help! Would love to get this started yesterday
Did you purchase this withOUT knowing about the POS process?
Answers to your questions: 2nd BRRR in Cleveland. My contractor is great, referred by a fellow successful investor and also shared that, he himself stays away from Shaker for similar reasons (inspectors, process etc). With that said he was clear and communicated what he would push back on, why, and how. He saw my property and agreed, not only a good deal but a great property.
The reno budget including reserves is 35K (I referenced the town needed 150% of the budget in escrow) and YES the net cap is greater than 15% :)
If you or someone you know could float 30K for 60 days, you/they could definitely help. Terms negotiable.
Why Shaker Heights Short answer: Purchased under 70% ARV-Reno, Duplex (two rents), desirable clean neighborhood, decent schools. Important to me and those I plan to rent to. Why Shaker Heights Long answer: Of the many offers I sent on various properties I wanted; this one kept going back-on-market. I stuck to my price and stayed in the realtor's email and text with my quick close (which it was) the deal came through. Many renovations and updates are already done (half the windows, all bathrooms, both kitchens) and I love a Tudor. Turns out the investor who purchased b4 me and started work was in a situation took the loss and has other profitable ventures.
My title guy stated as long as the town can see the funds are in escrow the funds would stay with the title company. That was inaccurate so I'm putting out feelers for options to start the project. Learning and making connections along the way... thanks for your response and any help or expertise you have to share...
Yes so far Shaker I've heard is the strictest, thanks for your response!
Quote from @Renee Jones:
Answers to your questions: 2nd BRRR in Cleveland. My contractor is great, referred by a fellow successful investor and also shared that, he himself stays away from Shaker for similar reasons (inspectors, process etc). With that said he was clear and communicated what he would push back on, why, and how. He saw my property and agreed, not only a good deal but a great property.
The reno budget including reserves is 35K (I referenced the town needed 150% of the budget in escrow) and YES the net cap is greater than 15% :)
If you or someone you know could float 30K for 60 days, you/they could definitely help. Terms negotiable.
Why Shaker Heights Short answer: Purchased under 70% ARV-Reno, Duplex (two rents), desirable clean neighborhood, decent schools. Important to me and those I plan to rent to. Why Shaker Heights Long answer: Of the many offers I sent on various properties I wanted; this one kept going back-on-market. I stuck to my price and stayed in the realtor's email and text with my quick close (which it was) the deal came through. Many renovations and updates are already done (half the windows, all bathrooms, both kitchens) and I love a Tudor. Turns out the investor who purchased b4 me and started work was in a situation took the loss and has other profitable ventures.
what's your all-in price?
Quote from @Renee Jones:
My title guy stated as long as the town can see the funds are in escrow the funds would stay with the title company. That was inaccurate so I'm putting out feelers for options to start the project. Learning and making connections along the way... thanks for your response and any help or expertise you have to share...
I just hope it goes well, and is worth it at the end of the day. If you need anything reach out. Also I have PM I can recommend. DO NOT try and go it alone.