203K LOAN? or Personal loan

[Tom Server]

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

[Jason Wray]

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.