Cash-Out Refinance for Rehab Costs in Indiana

[Tiffanie Ellis]

I have a condo that I own outright. It needs rehabbed. The demo has been done. When we hired our contractor, we had the money for the rehab. However, the contractor delayed starting work & eventually disappeared. Thankfully, we hadn't paid him anything yet, but other things have happened & we no longer have the money for the rehab. We are not looking to sell it. It is supposed to be a buy & hold. We obviously don't have a current tenant, but we have one lined up if we can get it ready.

So, with all that background, the question: Does anyone know how to do a home equity loan or any kind of financing on a house (condo) that needs work? I can't go with other options right now such as using my own home or another house.