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Updated over 6 years ago on . Most recent reply

User Stats

452
Posts
10
Votes
Michael Dunn
  • Olive Branch, MS
10
Votes |
452
Posts

Getting a Rehab/Repair loan ONLY ??

Michael Dunn
  • Olive Branch, MS
Posted

I need some advice please, on If I can get a Loan on a Property, that I need $30,000 to do Repairs/Renovations on  ??

The Property when Repaired, should Appraise for around  $125,000   -  $130,000 

The current  Value of the Property is right at  $35,000 

My All-In costs will be around $16,000 

I won't have enough $ to fix and Repair it , so I am looking for a way to get a Loan / Money to get it Repaired 

Would a Bank or Lender likely lend me a HELOC type loan, based solely on the Equity that the Property will have in it ?

Thank you all for the help and input 

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