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Updated almost 5 years ago,

User Stats

5
Posts
0
Votes
Gene Knighton
  • Flipper/Rehabber
  • Atlanta, GA
0
Votes |
5
Posts

How to get GC started without $ from 203k loan

Gene Knighton
  • Flipper/Rehabber
  • Atlanta, GA
Posted

My wife and I are in the process of closing on an investment property. We have a 203k loan that allows us to use part of the loan for renovations. However, the loan will not pay the contractor upfront of anything until the consultant approves for a draw after work has begun and monies are based on progress.

How are we suppose to get started? What about the materials the contractor will need to get started? Do we have to come out of our pockets to get started? If so, can we get reimbursed from the loan?

Is there a way to work this out where the GC can get started and the loan officer release monies sooner?

Thanks

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