Lending on Purchased Property

[Gerald Koonce]

Hey Guys.  I am running into a slight roadblock here in Baltimore.  I recently purchased a property through the city and now am in need of a loan to rehab.  Problem we are running into is most hard money lenders only want to lend on acquisition and rehab together.  Does anyone have any tips around this where we could get funding for the rehab only?  

[Ned Carey]

@Gerald Koonce I would go with local lenders. They know the area and know if the deal makes sense. There is a big difference from a National lender not lending because they generalize the risk of Baltimore and a Local lender that doesn't like that particular deal. 

If a local lender won't do it because they don't think it is a good enough deal that should make you think twice. However in your situation that is not much help since you already own the property. 

I am curious how you got the city to sell you something if you didn't have proof of funds to renovate it.