100% vacant multifamily rehab
I have a client that has 2 multifamily properties that are in Amarillo, Tx. Both were bought with cash and require significant rehab. They are also completely vacant and in very undesirable neighborhoods with boarded up houses next to them. I have had lenders interested until they look at Google maps and see the surrounding area. Is this just a no-go in terms of getting a loan or are there lenders that are willing to lend on these types of properties?
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Hey Rebecca,
How many units are they? Shouldn't be too much of an issue to find funding if they are 2-4 units. 5-8 unit rehab deals are trickier, but anything running at or above 10 units definitely becomes trickier, especially in 'undesirable' areas and depending on the specifics of the financials.
Is this their first time taking on a project like this as well?