How do you pay for Repairs..... With a Portfolio Loan ?

[Michael Dunn]

Hi B.P. Community,

I have recently been on a Portfolio Loan fix , in trying to research and learn all that I can about these type of Loans.

This morning though, I remembered that I left out a few Important questions

Here are those Questions .....

1. How do you Pay for the Repairs / Upgrades to the Property that you are trying to get a Portfolio Loan on ?

2. Will the Lender Loan you X amount for Repairs ( Put in an Escrow account )?

3. Do you and the Lender both come up with an Estimated costs to get the Repair work done, and then you spit the costs 50/50  ( They add 50% of the repair costs to the Loan, and you yourself pay the other 50% in Cash out of your own pocket ) ?

4.  Is there such a thing as a " Reno Loan "  that you can tie to the Loan for the Property ?

5.  As far as Repairs go to a house that is purchased with a Portfolio Loan .... Does the Lender decide What " Has to be " fixed , as well as gives you a timeframe to have the work completed ?

Thanks very much for all replies and discussion to this Thread