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Updated over 4 years ago,
I Need Advice on Renovation Loans
Hi All,
I’ve got a cabin under contract in the smoky mountains that needs about 40k of work. I had planned to use a renovation loan to fund the remodel, but then talked to another lender who scared me out of it.
I’m now questioning if my first lender will actually be able to get the renovation loan funded in the next month to be able to close on the house because I’m told it’s a nightmare going back and forth between our approved contractor and the lender. I’d hate to get to our closing date without the necessary loan and then lose the house.
Has anyone successfully done a renovation loan? Has anyone done one recently? Is it not that bad?
Tell me your stories. I would really prefer to use the renovation loan rather than have to get super creative to finance all of the remodel and furnishing on this place. Thanks in advance!