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Updated over 8 years ago,

Will Gaston's profile image
Will Gaston's profile image
Will Gaston
Pro Member
  • Rental Property Investor
  • from Columbia, SC
  • Member since Nov 11, 2010
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Will Gaston's profile image
Will Gaston's profile image
Will Gaston
Pro Member
  • Rental Property Investor
  • from Columbia, SC
  • Member since Nov 11, 2010
Connect
Will Gaston
Pro Member
  • Rental Property Investor
  • Columbia, SC
2,209
Votes |
1,689
Posts
Private Lending & Conventional Mortgage Advice

70k Construction Loans On A 30k Rental?

Will Gaston
Pro Member
  • Rental Property Investor
  • Columbia, SC
Posted

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.

  • Will Gaston
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