I have two properties in MD that I need to get funding to do some work on. I have already purchased them. So I guess the Refinance Rehab is my only option right? I can’t do a Purchase Rehab since I already bought them? Suggestions? :banghead Does anyone know of a lender that does Refinance Rehab/Renovation loans?
You are in a backwards situation. It would have been good to know how to get rehab money BEFORE you bought the properties.
I would go talk to your small local banks with your financial statement in hand. They are going to be very conservative in lending if you have no track record with them.
Can you pull any money out of your house on a Line of Credit Equity loan? Do you have some credit cards you can rack up for those needed repairs? An extra vehicle, boat, motorcycle you can sell?
Otherwise if you are just paying from your paycheck it is going to take longer.