Financing an auction project

[Aaron Hale]

I'm the recent winning bidder on an Auction.com with a bid of $64,800 on a 3bd/1.5/ba in aa A/b township outside Akron. The property will need at least $65k in rehab to reach a conservative $165k ARV but a possible $220k+ Depending on renovations.

I've got the cash to complete the purchase but will need to finance the rehab. Our long-term intention is to BRRRR this place and are wondering what the best course for lending might be.

I have been considering refinancing with a HML for 6mo with the rehab built into the loan, but was wondering if there were other less expensive options available.

For example, are there lenders willing to do HEL/OC on the cash equity I’ll already have in the house despite its current state of disrepair?  Are there other options I’m not aware of?

Thanks!

[Andrew Postell]

@Aaron Hale the short answer to this is yes, once you own the property there will be LOTS of other options besides HML. Assuming that there's clear title, you qualify, etc. I would maybe try asking in the Florida forum (assuming the property is in Florida...unless you meant Akron, Ohio...then post in the Ohio forum) "looking for renovation loan near X city" and see if some other locals can provide you with some recommendations on who is good in that area. Good luck!