Broker Needs Help Now

I need help now!!! I have a client who needs my help. He lives in a Baltimore City Rowhome valued around $53K. He has a cost to cure on his appraisal for about $1,250. His kitchen ceiling is ripped out because he has to get new pipes throughout his kitchen and bathroom upstairs. This is the whole purpose of the loan, so that he can repair his house. How do I find a lender who will allow me to do this loan? He needs the money. Also, he has a 503 middle score. He only owes abotu $4,500 on his mortgage. He wants to cash-out as much as possible. HELP!!!

This sounds insane but I am sure that you are going to find this as true. You will probably have a difficult time with hard money because the amount you are looking for is to small for most Hard Money lenders.

Can he take out HELC and he may not need an apprasial for that type of loan. Another option is to use a finance company from one of the bigger banks. They may not require an appraisal since the amount is so small. They can possibly do a drive by without going in. Speaking from past experiences you should have taken out the loan before starting the project.

good luck! ???

Yes I know ND investor is talking from experince LOL :-[

That’s for sure, you either laugh or you cry.LOL