I have an REO that I can purchase for ~70% of FMV. It needs cosmetic repairs. I plan to do the repairs and then resell it. I intend to do this with several other REOs in my area.
Can I get a typical NOO commercial loan if I plan to resell in 6 months? Do commercial lenders have a problem with someone going through loans that quickly? Can anyone direct me to a list of commercial lenders that would be friendly to this situation?
Is a hard money loan the better way to go? The main problem I have with the HML is the lower LTV they will lend.
Any suggestions?