Free and Clear house needs 20k for rehab, where to get funding?

[Andrea Lizcano Summers]

Hello everyone,

Please share any ideas you have to help with the problem below:

I have found a retired couple who own, free and clear, a second house in Houston, Texas they would like to use as a rental property. The house needs a rehab that would cost around 20k. They do not have the funds and the bank will not loan on an unoccupied home that I am aware. The house's ARV is 90k and they own it free and clear. There is a lot of equity in the home. Is there a creative way for them to get financing or a private lender willing to loan that amount of money and get first lien position?

Thanks for your support and help.

Kind regards,

Andrea