Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago,
Looking for Philly banks to get a $20k rehab loan
Hello everyone,
I've got 3 single family row homes in West Philly. One of them is fully rented, at about $900/month, the second is likely to finish rehab late this year, and hopefully get a tenant early next year. The third needs a lot of work. All three of these properties are in the same area, so I would expect that they would all rent for about the same. According to the City of Philadelphia, the average market value for these properties is about $30k each.
I'm looking for banks or other lending institutions to start conversations with about getting a loan to rehab the third property. I'm hoping for $20k but even $12k would be workable. I've already got an account with the Philadelphia Federal Credit Union and will be talking to them next weekend. I'm looking for others to begin conversations with, or advice on other options we can try.
I'm still very knew to real estate, so bare with me if there's information I might have omitted.
Thanks!
- Farley