South Carolina investors

[Marcus Wells]

Hello BP family I am in the process of getting financing for a house that I bid for on Hubzu. I went through the conventional mortgage and when I got the appraisal I found out that it is going to need some repairs before they will lend on the house.

Unfortunately, the sale is an AS IS and there is no time to go through the loan process with a loan like a 203(k). There is only 2 more weeks till the required closing date. I was trying to use USAA for the loan and they do not offer any type of Construction loan.

Would anyone have any suggestions? I’m thinking a hard money loan? I’m just going to have something fast otherwise I will lose my earnest money, and be heavily penalized for extending the closing date.

Thank you everyone for your help!

[Troy Gandee]

@Marcus Wells Gotcha. If you feel comfortable with it, then it should be ok if you're able to find decent financing. I do think FACO is lending and I believe Civic Lending is still going. I also know a couple of PMLs who may be interested, but I think they're adjusted LTVs to like 65-70%, so it can require a lot of capital.