HELP! Hard Money Equity Loan?

Financing, Hard Money Lenders, Private Money
1

I currently own a property free and clear… was fixing it up to sell it, now (a year later) it’s 95% complete and I’M OUT OF CASH! I am a real estate agent and since the market is slow, I even took a second job! I applied for a Home equity line of credit through a regular bank…they said i was approved…then at the last minute said i wasn’t approved because the job I took was through a temp service (even though it is full time hours).

I am not having any luck with banks accessing my equity to hurry this project up and give me some breathing room. Any help would be appreciated.

To make things worse, I have just put together an amazing short sale deal that I would like to fund, BUT CAN’T seem to figure out how to make it all work. Thanks in advance.

2

There are several options available to help fund your rehab project. One such option would be a Hard Money Loan. This is a recommended option only if you intend to sell the property once the construction is completed. If you intend to stay in the property for any length of time great than 6 months, the recommendation would be to seek the help of private lenders. If you continue to have trouble obtaining financing the recommendation would be to save up and self-fund the remaining construction.