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Updated about 1 year ago on . Most recent reply

Tom Server's profile image
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Tom Server
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Tom Server
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Tom Server
26
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117
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Rehabbing & House Flipping

203K LOAN? or Personal loan

Tom Server
Posted

Hello, I'm purchasing a rehab property as a cash deal. Im looking to do about 25k worth of repairs towards it. I would like to finance the repairs. Would a 203k loan work in this situation or do I have to apply for a personal loan? Or HELOC

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Jason Wray
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Jason Wray
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Jason Wray
  • Banker
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Tom,

A 203K loan is not worth the hassle to only take out $25K in rehab costs.  I would simply do a cash out refinance on the property or take out a personal loan.  Personal loans are easier to get now a days up to $50K with good credit.

You can always refinance down the road to consolidate the perosnal loan into one of the properties.

  • Jason Wray
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