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Updated over 5 years ago,
Fishtown deal, need financing
Hey, I have a done deal on a 4 bedroom, 1 bathroom house in a prime location in the Fishtown neighborhood of Philadelphia. The banks appraisal came back, and they want the seller to do repairs in order to give me financing. The seller is distressed, and won't have the money for repairs so I'm looking for alternative financing in case I can't work something out. The property was purchased for 237k, and has an ARV of at least 430k, but more than likely would sell for more. Any suggestions for a lender that would give me a loan on the purchase price plus repairs? Ideally I would like to do a cash out refinance after 6 months.