conventional or private...where do I start?

I am a newbie and am asking for some help.

I have the opportunity to purchase a great piece of property in Charlotte, NC. The house is not on the market and I can get it for $550-575k. The house conservatively, with $20k and 45 days worth of rehab is worth $700-775k.

I need some help getting financing. I have decent credit with a score of 685, I just do not have much in the way of assets.

Can somebody steer me in the right direction? How can I get (or where) the financing to do this deal?

Hello, Your credit score is good. You should always go with traditional lenders first. Private or Hard Money Lenders (HML) are your last resort. Good Luck!

Chris is right. With your score you could qualify for a SISA (stated income, stated asset) loan up to 100%. I would be a little concerned about the “very little assets” comment. If you don’t have the cash for the rehab work and atleast 6 months of payments I would seriously re-think this purchase.

I agree with patrick. There are loans available for your situation.

However, with little or no money stashed away, I would rethink such a large investment.

An 80% arv rehab loan may be another option for you if you have good income.