How lending works?

[Anthony Theokary]

Hi. I bought a property recently in South Philly. I need about 60k from a lender to put on a 3rd story addition along with the rest of the house being a total gut. (I have some funds also). 
I don’t exactly know how hard money works or what other options I may have. Can someone explain this to me please?

[Albert Bui]

Quote from @Anthony Theokary:

It’s a primary: already asked him. He said it would’ve had to be done when I purchased the home.

yeah just ABC's of structuring and the importance of planning out the deal ahead of time. Now that you've already closed and declared primary with a conventional loan on the trust deed/mortgage it will state "an occupancy agreement affidavit" so lenders looking at this property now know you declared primary occupancy going into this purchase. Plus the fact you have a conventional 90% LTV loan they'll know its a primary occ or atleast second home financing (because of the LTV and fannie/freddie mac guidelines).

@Matthew Kwan

@Carlos Valencia