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Updated about 2 years ago,
Short-term help to finish project
My wife and I are doing a BRRSTR. We purchased it in July and are in the middle of the remodel. Our loan company is great, but they were unclear about the reimbursement process. We are stuck. We don't have the cash to buy the material because they only reimburse 40% until it's installed. We were on a tight budget so when we came across good buys early on we grabbed them. We are way ahead of our original budget, but we are out of $ for our next steps. We have $38k left on our draw and need only $25k in Material. We are looking for a $25k loan to finish the project. The house cost $211,000. The remodel budget is $52k. Total loan of $263k. Anticipated ARV of $425k and our mortgage co will cash out refi 75%. We stand to be ahead by $50k + if we can get there. this project will be done before March. So we are looking for $25k private loan for a max of 6 months. Any recommendations or advice is welcome.