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Author Topic: How to finance this deal???  (Read 4643 times)

Offline mkasper27

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How to finance this deal???
« on: March 23, 2004, 07:34:30 am »
We have a rehab under contract for $70000, estimated repairs are $40000, ARV is $150000.  My business partner has a credit score of 670 and we are trying to get a construction loan in order to rehab this house.  We are running into problems getting a loan because the house is not considered liveable i.e. no plumbing/electricity.  Does anyone know of a specific rehab loan that we may be able to use.  I would really appreciate any advice that you may have.

Thanks
Michelle

Offline David Garcia

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Re:How to finance this deal???
« Reply #1 on: March 23, 2004, 05:54:51 pm »


Michele,


You can try getting a hard money loan.

My brokers info is: (718)382-2587  Javier



Offline devildog476

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    • U.S. Mortgages
Re:How to finance this deal???
« Reply #2 on: March 23, 2004, 09:23:09 pm »
You could probably do a one-time close, escrow hold back.  I only know of one company that can do this.
« Last Edit: March 23, 2004, 10:36:47 pm by TRandle »

Offline mkasper27

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Re:How to finance this deal???
« Reply #3 on: March 24, 2004, 07:27:46 am »
I just wanted to thank you guys for your advice.  David, I will try calling your broker.

Thanks again

Offline Jo se

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Re:How to finance this deal???
« Reply #4 on: March 26, 2004, 11:11:29 pm »
Try Wells Fargo, they have rehab investors loans. They lend to purchase property and for rehab. Be sure to have a general contractor, completed cost bid for repairs, 3 comps. It will be a one time closing loan.

Jose

 




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