Rehab Loan Financing Options

[Kyle Smith]

Hello Bigger Pockets,

I am looking to rehab a duplex in Canton, OH.  Currently, the duplex is under owner-financing with the previous owner.  I do not want to refinance the property because of the current interest rate with the owner-financing.  However, I need to rehab the duplex because the previous tenants moved out and I need to get it rent ready for the next tenants. I am trying to figure out what will be the best way to finance the renovation, which is budgeted at $70,000, without refinancing the entire property.  I have been looking into a business line of credit.  Also, the owner-financing has a balloon payment in 18 months.  So, my plan is to get a loan or line of credit for the renovation for 18 months and then refinance the entire property when the balloon payment comes due.  If anyone knows my best route to take here or specific banks or credit unions, you have worked with for lines of credit or loans.  Any information would be much appreciated. Thanks everyone !!