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Updated over 1 year ago,
Financing Rehabs for Owned Property
Hey BP, as always much appreciation.
I just purchased a distressed home in California
PP $185k
ARV (Third Party Appraised) $360,000
Rehab $110,000 (Contractor Bid)
I have the funds set aside for the rehab, but It will run most of my available funds.
I’ve done 203k loans and the like in the past, my question is whether a loan exists for Rehab only? Something that will use the appraisal I just had done, not require me to refinance the entire loan into one.
(Helocs aren’t an option)
(Primary has a 1 year Pre Payment Penalty)
I’ve read about RenoFi loans but they seem to require everything lumped together. Since the job is being hired out to a GC, I don’t mind the funds being directed/protected from fraudulent use.