Need Rehab Money for New Multifamily Building
I am purchasing an eight unit building that needs some minor cosmetic repairs, nothing major but I need to bring the building up to code and make repairs to the roof. My estimate is about $30,000 for the repairs. The bank I am purchasing the building with is providing a great rate and terms for the purchase, but not the repairs. I had other companies that I considered that offered the money for purchase and rehab, but the rates were high and terms were not that good. Now I have to either find a company that can extend a loan for the rehab or use my credit cards. Is there a company out there that can provide only rehab funds? I am not looking to refinance as I am closing within the next 3 weeks or so and there are harsh penalties for early payoff of the loan. Suggestions?
Most Popular Reply
@Michael Taylor I would reach out to your inner circle and see if they would want a return on they're money, if that isn't a feasible option then possibly use credit cards 0% interest for 12 months so you can pay it back. Best of luck!