Strategies for Securing Rehab Costs

[Brandon Sturgill]

I am currently completing a live-in rehab on a SFH and looking to complete a concurrent SFH rehab/resale before relocating next year. I have a small bank willing to do a portfolio loan at 80% of purchase, 2 points over prime with a $300 fixed closing cost. The problem is securing the rehab/holding costs... a conventional loan causes the same dilemma, given the down payment. On my planned project I am looking at a need for about $30k for all associated costs outside of the purchase. Is there a decent strategy for completing this goal without using HML...perhaps a HELOC on my main residence? Thanks