Financing a rehab personal residence

[Bob Shome]

I'm trying to come up with a way to purchase and rehab a home for myself. I've now done 4 flip rehabs so I have experience with the renovation work. The issue that I am running into is the downpayment requirements (20%) plus rehab costs. Most banks I've found won't base the down payment on the after improved value but on the purchase price plus repair costs. I've thought about HML but most don't like to touch a personal residence.

Perphaps a HML as a rental with a rate/term refi when completed would work. Once all the work is done the LTV would be around 75%.

Thoughts/Ideas? I have the cash to do the improvements just not a 20% down plus improvements.