Do banks front rehab money for distressed properties
There is a rumor going around my circle. A general contractor is said to have an agreement with a couple local banks where they pay him to bring properties to liveable condition. Roof, mold removal, other safety issues. He is doing about 5-6 projects every month month and a half.
My question is for all the research I have done no body says anything about this being a strategic position for lien holders. Has any body experienced or heard of these types of agreements