What type of loan is right for me?

[Mark S. Roesel]

I bought a house to rehab and I'm trying to find a lender that would loan on After Repair Value. What type of lender is right for my situation? Hard Money? 

[Satyam Mistry]

@Mark S. Roesel As far as I know it will be tough finding a bank to give a loan on this type of property due its value and class. I would suggest trying to save up for the repairs yourself as this is your first rehab and the values are lower than usual that it should be feasible. Going through the rehab process will also help you understand the costs and learning curves along the way. Getting an HML in the current market on your first flip on this type of property could be a mistake due to this being your first rehab your costs will be higher than expected, contracts will be harder to come by and work due to the pandemic, the time to complete the rehab will be longer than expected causing stress with a potential HML. After completing the rehab depending on the ARV you may be able to get a loan from a local bank through conventional or commercial financing.