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Updated almost 5 years ago,
Seeking Lending Direction on Buy & Hold Property w/Rehab
Good morning BP community. Looking for advice on how to structure financing for a deal I have under agreement. Background on me is 1 multi-fam in Boston and a vacation rental on Cape Cod - both cash flow positive since inception (almost 4 yrs). The home under agreement is a second home on Cape Cod, need to put into an LLC.
What I'm looking for specifically is to put 10% down on the SF home I have under agreement, finance in (using hard money or construction loan) the rehab and then cash out re-finance using ARV for 30 yrs. Or build in the rehab to the purchase price. Here are the #'s
Purchase Price $550k (originally listed at $669k)
Rehab $63k (4-5mos)
ARV $730k
Interested to hear how folks would structure a deal like this or if any lenders want to chat. Let me know what, if any, details I'm missing.
What I'm looking for specifically is to put 10% down on the SF home I have under agreement, finance in (using hard money or construction loan) the rehab and then cash out re-finance using ARV for 30 yrs. Or build in the rehab to the purchase price. Here are the #'s
Purchase Price $550k (originally listed at $669k)
Rehab $63k (4-5mos)
ARV $730k
Interested to hear how folks would structure a deal like this or if any lenders want to chat. Let me know what, if any, details I'm missing.