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Updated almost 5 years ago,
Need help with a Rehab loan
I need help finding a Rehab loan or something creative if anyone has any ideas.
The home is in Alaska. It's a 4plex - one unit is a triplex with another small single unit sitting on the same parcel of land. Rents in the past were good coming in at over $4100 a month. It is foreclosed and held by the VA so they're accepting cash or traditional loans, unfortunately no Vendee financing is available given the current market. It needs a rehab loan because the plumbing in the triplex doesn't hold pressure. The smaller unit doesn't have heat now, completely frozen too, but I guess doesn't need to be a part of the loan consideration? Just fixing the triplex up and collecting rent there would be plenty over mortgage while repairing the single unit. The rehab loan I'm currently being offered is conventional at 25% down. I would not be occupying any units. Investment only. Does anyone know of a loan product with less down than this?
Thanks!