How to Financing a rehab?

[Justin Bailey]

I have rehabed 3 properties now. 2 hold 1 I sold. They have all been out of pocket. I'm talking to a lender about different loans. The property that I'm going after is a single family that I'm planning on turning into a triplex. So I was asking about 203k and homestyle Fannie Mae. The lender is telling me it's to many hoops to jump through with these packages. He's advising me to do conventional and take a loan on one of my other properties. Which are mortgage free to cover rehab cost. Than after rehab refinance. I was thinking of USDA but not sure with its a forclosure. Any advice on financing when it comes to dealing with banks?