Financing Question

Financing, Hard Money Lenders, Private Money
1

If I use private funding, or HML, for purchase and rehab, and then decide to hold the property, and use traditional mortgage for that, will I be able to mortgage the purchase and rehab costs? Or will they only cover the purchase price?

If I buy and hold, I would like to pull out my costs, and possibly some equity. However, will I need to get a first and then a second in order to do that?

Thanks for all replies!

2

With a 660 FICO you can get a rehab loan that will cover purchase, rehab and closing costs up to 80% of the after repaired value…this would be one loan (interest only) with rates between prime + 1.5 - 3.0…no PPP. At the end of the rehab you would sell or refinance into a conventional loan.

3

Thanks for the information