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Updated almost 2 years ago,
Hard Money Rehab Loans?
Hi, I'm wondering if it's difficult to find hard money Rehab Loans.
I was originally going to do hard money Fix n Flip, but ended up buying a property in cash from the local land bank just over a year ago. Now that I'm ready to get moving with construction, I realize that some of the hard money places do Fix n Flip only, but not the rehab. The property was vacant, so it's existing value is tops 50k, but it needs say 120k worth of construction. ARV should be 200k+. I have good credit, but not money in the bank (personally) which is why I was looking for hard money, not something based on my personal statement.
Any thoughts on where to look for a loan that will work without expectation that I still need to close? The last company said they'd consider it a refinance... sigh.
I was originally going to do hard money Fix n Flip, but ended up buying a property in cash from the local land bank just over a year ago. Now that I'm ready to get moving with construction, I realize that some of the hard money places do Fix n Flip only, but not the rehab. The property was vacant, so it's existing value is tops 50k, but it needs say 120k worth of construction. ARV should be 200k+. I have good credit, but not money in the bank (personally) which is why I was looking for hard money, not something based on my personal statement.
Any thoughts on where to look for a loan that will work without expectation that I still need to close? The last company said they'd consider it a refinance... sigh.