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!