the other 30% of the ARV

[James Palin]

I am looking at using a hard money lender to fund a potential real estate deal. Here is the dilemma. How would one go about funding the remaining part of the deal? Say for instance I have a property that I am purchasing for $70,000 and that has an ARV of $100,000. Suppose the property needs $10,000 in repairs. So I would need to come out of pocket about $85K by the time I throw in holding costs and hard money points. If the hard money lender caps at $70,000. How would I go about paying for the repairs and the contractor. Here are a couple thoughts that come to mind.

1) Get a credit line a Home Depot or Lowes to fund the repairs.

2) Get a unsecured loan from a bank to cover the difference over 70%

3) See if the contractor would be willing to wait until the house sells to get paid.

As its probably obvious I am kind of new to this so any feedback would be much appreciated and any advice on structuring a deal using a very limited amount of cash.

Regards,

James Palin