How to finance this deal???

Financing, Hard Money Lenders, Private Money
1

We have a rehab under contract for $70000, estimated repairs are $40000, ARV is $150000. My business partner has a credit score of 670 and we are trying to get a construction loan in order to rehab this house. We are running into problems getting a loan because the house is not considered liveable i.e. no plumbing/electricity. Does anyone know of a specific rehab loan that we may be able to use. I would really appreciate any advice that you may have.

Thanks
Michelle

2

Michele,

You can try getting a hard money loan.

My brokers info is: (718)382-2587 Javier

3

You could probably do a one-time close, escrow hold back. I only know of one company that can do this.

4

I just wanted to thank you guys for your advice. David, I will try calling your broker.

Thanks again

5

Try Wells Fargo, they have rehab investors loans. They lend to purchase property and for rehab. Be sure to have a general contractor, completed cost bid for repairs, 3 comps. It will be a one time closing loan.

Jose