I looked at a property in Tucson, couldn’t sell agents on the financing pkg I could find for it, now thinking about offering a mlo. To improve the noi and get myself cash flow, it needs minor updating, probably all cosmetic as it is fully rented for this yr and is in a great location for college students, so good chance for full rental next yr even after small bump in rent. To get the money to do those updates, can I get a rehab loan against a property under mlo? It is a great property for mlo as it is owned free and clear. Let me know what you think.
Under a MLO, you can’t legally give a lender a mortgage on the property since you are not the titled owner. Do you have equity in other assets you own that could collateralize your loan?