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Updated over 5 years ago on .

Timmy Fritz's profile image
Timmy Fritz's profile image
Timmy Fritz
  • Investor
  • from Austin, TX
  • Member since Oct 30, 2018

User Stats

20
Posts
17
Votes
Timmy Fritz's profile image
Timmy Fritz's profile image
Timmy Fritz
  • Investor
  • from Austin, TX
  • Member since Oct 30, 2018
Timmy Fritz
  • Investor
  • Austin, TX
17
Votes |
20
Posts
Austin Real Estate Forum

Lender for Garage Conversion

Timmy Fritz
  • Investor
  • Austin, TX
Posted

Had been working with IBC on getting a 2nd lien on my house for a garage conversion. Their 6mo seasoning period was extended to 12 months with lenders tightening up. Any recommendations on any lenders who have similar 'home improvement' loan products to what they had? Haven't had much luck calling around so far.

CLTV - Maximum 90% - We calculate your combined-loan-to-value ratio like this. 1st lien mortgage balance + home improvement loan balance divided by "as-is” appraised value + 75% of contract total.

Thanks!

Austin, Texas
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