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Updated almost 5 years ago,
Philadelphia - LLC refinance under $100K Help
We are looking to buy/rehab/rent a property in Philadelphia with the property in the name of an LLC. Based on our research it appears using a hard money lender is our best option because we want to include rehab costs. We are having an issue locating a lender to refinance with once rehab is complete to get out of hard money loan mostly because we would be borrowing less than $100K which even credit unions do not seem to want to bother with. We were also told a tenant with active lease may need to be in place before anyone would lend. We are looking to purchase properties maybe $55K-$70K that need an additional $20K in rehab.
Anyone have suggestions of specific credit unions or other local banks that may be willing to refinance once rehab is complete and ready to rent if the amount we need to borrow is under $100K?
Thanks everyone!