Updated over 9 years ago on . Most recent reply
Commercial loan for 1st flip property in New Orleans
Hey BP,
I have a friend (real estate agent/invester ) that recommended that I looked into getting a commercial loan. She is currently using this type of loan to flip a house as we speak. Is there a good reason why I would use this over any other type of loan? This would be my 1st property (flip). It would be a single family home or multi family home in New Orleans that's worth no more than $130k. I'm not sure if I'm missing something but thanks in advance.
- Brandon
Most Popular Reply
If the property needs work you have 2 choices, either rehab funding/hard money, or an FHA 203k. Unless you are lucky enough to have a relationship with a local bank and can swing a line of credit. Before you can drop the property into long term financing the work has to be done and often it has to be performing (bringing in income.)