Financing for $20k houses majorly distressed

[Account Closed]

Where do you go to get financing for majorly distressed houses in small towns? Example: contract price @ 20k and remodel cost $30k = total $50,000. The mainstream lenders pass these up. Is there any mainstream place to go to get hard money for these kind of deals?

[Stephanie Medellin]

@Account Closed  I can say from personal experience that majorly distressed older houses usually need more than 30k in remodeling!  I'm sure it's not the case with every house, but quite a few of them.

I don't know of a mainstream source for these types of loans.  Cash, lines of credit against other property, or unsecured lines of credit are probably your best best on these.  It's part of the reason they are so cheap.