Cross collateralization for purchase/rehab

[Steve Stackman]

I've made an offer on a property that will need extensive rehab. I have another single family rental that is free and clear and currently rented on a 1 year lease that just renewed. I am looking to use the free and clear property along with the new purchase ARV to obtain purchase and rehab funds with little actual cash out of pocket.

Both properties are single family and located in Ohio. The value of the current rental is approximately $85,000. The arv of the purchase is $130,000. The purchase and rehab total loan will be approximately $90,000 - $100,000 depending on final sales price. I would be refinancing it in 12 months after rehab is completed.

Does anyone have a suggestion on who could do a 6-12 month purchase rehab loan doing something like this.