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Updated about 2 years ago,
Financing Rehab on Primary Residence
I have just acquired a single family property that needs a solid amount of work ($150k+), and I am looking for ways to fund this project so that we can refinance in about 6 months to take the cash out. Ideally we could get a private money lender that would be willing to lend some amount of the renovations, $80k+
In case it matters, we own a couple of investment properties worth over $2M and have a fair amount of equity in them (Loans on the properties equal about $1.2M). We don't want to do cash out refi as we have under 3% interest rates, and HELOC's/HELOAN's take awhile to process.
Any thoughts or suggestions?