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Updated about 6 years ago,
What type of lending/loan works for this oddball property?
Looking at a property that needs rehab--a 7-unit property. Purchase $300K, rehab $100K. So far the lenders I've spoken to aren't a good fit. Either they only lend on 1-4; or if it's >4 units, minimum loan is greater than what I need; or they don't have minimum loan amount but won't do the rehab financing, property has to already be fixed up; or they only do as-is and I must finance the rehab on my own.
Any suggestions would be helpful.