Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 2 years ago,

User Stats

3
Posts
0
Votes
Victor Lanza
Pro Member
0
Votes |
3
Posts

Financing help for 100% funding

Victor Lanza
Pro Member
Posted

I'm in a tough situation - I have over 100k of equity in my home that I wanted to tap into but I'm in the middle of a remodeling project that will impact an appraisal. 

I also have a deal that I've run the numbers on a hot market where I can make 50k-100k profit after rehab for a flip (I have 3 comps to support this sold this month) or I can make 3k/month in rent. Cost is 135k + 35k rehab. I have the contractors lined up (same team that worked on my home).

Seems like an awesome deal however, I cannot find any funding. I would require the full 170k. I've talked to HML which can only do 90% LTV even if they do 100% of the rehab. I've tried to get an unsecured loan as well but they require no loans or personal lines of credit in the last 6 months.

Do I just take another personal loan to come up with the 10% that a HML would not cover?

Are there any other options out there other than tapping into the equity of my home? The time it would take to do this, I would have lost the deal. 

Thoughts?

  • Victor Lanza
  • Loading replies...