Looking for Renovation Loans
Hi everyone!
I am new to real estate and looking to purchase my first multi family property. I found a triplex in need of renovations. Asking price is $350k and I estimate to spend around $50-80k on renovations. Based on comps, the after repair value is about $425k. I have been pre-approved for a conventional renovation loan for 5% down and estimated interest rate of 7.5-7.625% and PMI $2796 annually with a credit score of 749. I have been advised to shop around for different lenders and to compare rates and fees.
If anyone knows of a great lender that specializes in renovations loans , preferably local to Houston, I would appreciate the recommendation. I also welcome any advice on what things to look for when comparing different lenders/loan programs and what important questions to ask. Thank you in advance!