Fishtown deal, need financing

[Charles Prem]

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.

[Mike Cangi]

@Charles Prem - sounds like a good find!

I'd also consider a Fannie Mae Homestyle product: https://www.fanniemae.com/content/fact_sheet/homestyle-renovation-product-matrix.pdf

For a single unit investment property, they will go up to 85% LTV on the total: purchase + rehab

I'm working through one right now with my lender and can intro you if your interested.