I need to get financing for a rehab deal I want to do, but I have no money to put into it. What is the best way to get financing for the deal? I have been looking for private investors, but I don’t know if that’s the best way or not. I would like to get a business line of credit but my fico score is only 625 so I don’t think it is high enough. Same with hard money. Don’t know what my next step should be. The rehab deal I want to do can net me 100k. I already have the construction crew ready to do the work. Mike
I don’t know what state you are in but many “direct” HMLs will not worry about your credit. (We do not). You will need some money for closing costs etc but if you are buying the property well enough you should be able to get 100% financing for purchase and rehab. If you cannot get the deal done due to personal finanial issues you may want to consider assigning the deal.
Good luck!
Rob
see if your state has a : Community Commerce Bank ; they will lend 70% of final appraisal. usually enoungh to cover CC and Rehab