Hard money lender vs. HELOC

[J Shoe]

I purchased a home and have done improvements to it. I need about $30,000 to finish the improvements to sell it. I don't want to refinance as I have a great low interest rate currently and I don't want to pay upwards of $6000 to refinance or take out a HELOC. Personal loans for $30,000 are hard to get and have high interest rates. Does anyone have any knowledge they could share as to what is the best way to get the additional money? Would a hard money lender be the way to go and do you have any good recommendations for one? (BTW, I have a good job and great credit). House is located in Oakland County, Michigan.

[Greg Scott]

A high interest rate for rehab isn't a terrible thing.  Your goal is to get in and out of that loan fast. I've used 12% hard money loans many times.

If you have a 401k or an IRA you can borrow up to 50% or $50K (whichever is lower) and that would be your cheapest way to fund the rehab because the interest payments are basically paid to yourself.