Vacation Home Financing

[Les Jean-Pierre]

Hi, Posting on behalf of a friend. Three siblings inherited a vacation home in Martha's Vineyard. It is in a state of disrepair. They want to keep the property but have no cash. All three have poor credit too. They likely need 100k to get the place up to speed to rent it out. I suggested Prosper or some other peer to peer lending. Any ideas?

[Colleen F.]

How is the ownership structured? LLC, partnership? or is it in their names?

If it is free and clear they should be able to leverage the equity somehow.

Is it uninhabitable?  If any one of them  is currently living there they may be able to take advantage of owner occupant programs before turning it to a rental.