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Updated over 3 years ago on . Most recent reply
Hard Money Lender / Contractor rec needed in Philadelphia ASAP
Hello BP,
I need recommendations for Hard Money Lender and a contractor in Philadelphia, PA.
We have a legal 2-family house under contract in Roxborough, Philadelphia. It's NON-move-in ready and we cannot find any conventional mortgage lender who would lend to us. (Seller started the rehab but quit in the middle, and it's missing kitchen and bathroom. I wrote about it in this BP post.) It seems that we have to go to HML. We plan to buy and hold (NOT a flip).
Purchase price is 195K, we estimate repairs to be 15-25K, and ARV of $275K.
This is our second deal. Our 1st was a 2-family house-hack in Union City, NJ. We bought it using FHA, renovated it, and refinanced into conventional.
Any input / advice / recommendations is appreciated.
Thank you!
Rikako