Contractor · Coachella Valley, CA · Member since 2017 · 252 posts · 176 votes
7y
There are more than enough resources here on BiggerPockets to help you. To answer your question you have multiple options. Hard money may be the most common. BP even has a list of hard money lenders! Next would be private money.
In the future, try exploring the option of a 203k loan. That is where you finance your rehab costs directly into your mortgage.
Regardless, do your homework for yourself and for your deal! No one option is the golden option...
Contractor · Coachella Valley, CA · Member since 2017 · 252 posts · 176 votes
7y
There are more than enough resources here on BiggerPockets to help you. To answer your question you have multiple options. Hard money may be the most common. BP even has a list of hard money lenders! Next would be private money.
In the future, try exploring the option of a 203k loan. That is where you finance your rehab costs directly into your mortgage.
Regardless, do your homework for yourself and for your deal! No one option is the golden option...
Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
7y
Why an unsecured loan? So if I am understanding you correctly, basically it would be a personal line of credit? If it were me, I would just get the rehab loan on the subject property. You can look at Fannie Mae Homestyle renovations for either an owner occupied or a non-owner occupied loan. If it is owner occupied, you can also look at FHA203K.
There are many portfolio loans available that are designed for both the purchase and rehab, or you can do it as a refinance and rehab, either way?
When your all done with the rehab, I would plan to refinance it back to a Fannie Mae loan without mortgage insurance. You can do that up to 80% on a owner occupied cash out or up to 75% on a non-owner occupied cash out?
To have access to all the fix n flip type portfolio loans, you will need to work with a banker or a broker. Most local banks and credit unions will not have access to these portfolio type loans.