Renovation Loan in Philadelphia

[Bhanu Kuna]

Hi Everyone! Hope everyone is safe and healthy.

I recently came across an REO property that would take all my cash to buy(55k). The ARV of the property would be be 150k conservatively.

Since all my cash would be used for the acquisition I'll need to get financing for the renovation portion of the BRRRR process.

Is money for renovation still easy to come by in Philly? Will the fact that I won't have any cash left work against me during the underwriting process?

[Austin Ojimgba]

@Bhanu Kuna, i think HML might work on your situation cause its going to be hard for you to get a Lender that will be willing to lend only on the Rehab.With a HML you will get up to 85-90% of the Purchase price and 90-100% of the Rehab all depending on your experience and Credit Score so all you need to bring into the deal will be your down payment and closing cost.

Let me know if this is an option you will like to explore.