Personal Loan to finance rehab?

[Jeff Mills]

I have a property under contract that I offered cash for. It looks like it will need more rehab than expected so I will need some additional funds (30k max probably less) for that. I can go the hard money lender route but then I would need to purchase the property as well through them which means I would probably need to renegotiate the contract. I've heard people mention credit cards but I'm not a fan of the interest rates.

I did, however, look up personal loans through companies like LendingClub that can do the lower amount I would need and the interest looks to be in the Hard Money range. Is there any reason I shouldn't go that route?

[Diana Muresan]

@Jeff Mills no need for HML when you can walk the red carpet of conventional FannieMae HomeStyle renovation loan for investment properties. Only 15% Downpayment, it includes the renovation costs and you can roll in the mortgage payments into the loan during the repairs. You can sell or refi after as no pre-pay allowed on conventional market. PM if you need further assistance