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Updated over 8 years ago on . Most recent reply
70k Construction Loans On A 30k Rental?
All:
I'm looking for a construction loan on a rental property, which I assume will probably have to come from Hard Money or a Private Lender.
Has anybody had an experience with doing a construction loan for a rental with Lima One, Visio, etc? Do they have any restrictions on loaning for repairs/improvements?
In this case, the repairs will be almost twice as much as the purchase price of the property. I have about 20+ rentals in this area and am very confident of the repairs costs and the ARV.
Purchase Price: 30K
Repairs: 70K
ARV: 150K
Rent: $1500
Any help would be appreciated.
Most Popular Reply
#1 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
- 63,111
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#1 All Forums Contributor
- Lender
- Lake Oswego OR Summerlin, NV
depends .. for this deal I would be talking with a local.. if not the others you mentioned.
its small enough deal that terms are not that critical as opposed to having your take out secured . so you don't get stuck in HML rates for any longer than necessary
- Jay Hinrichs
- Podcast Guest on Show #222
