Rehab and purchasing loan

Financing, Hard Money Lenders, Private Money
1

Hello,

I have been reading this post for a while and now I have a situation of my on and want to know if there is anything possible to make this deal a reality.

My scenario is this, I have a property under contract where the seller is willing to assist by holding a 20% second and I am seeking 80% of the property value.

The property is a rehab and I and the owner have vested monies into this property to make acceptable to the bank, but I have run out of money to continue, and the lender I have found wants more work done in the property before continuing with the loan process.

The property is under contract for 305, the lender offer the 80% an appraisal has been done and we are waiting for the answer tomorrow.

My problem is I am running out of time May 30 and I have already vested money on the property and I am affraid to loose both time and money should the contract expires and the owner decides to sell to anybody else since the lending hasn’t come through.

Please help I am running out of answers. I will loose the property as well as all the monies vested.

PLEASE HELP!!!

2

What specifically does the lender want done in addition to what you have already done? What are the problems with the property?

3

Hi,

Thanks for your response, an appraisal has just been done and I am waiting for the results. However we do know that there has to be done some drywalling, compound, primer, painting and carpet.

Some work has already been done, however we need more to make it livable.

Please reply with your thoughs

Thanks in advance

Juan

4

Juan,

What state is the property in? What is the value of the property when completed? If your credit score is good enough you may be able to get a loan without an appraisal. It’s called an AVM (automated Valuation Module) the specifics of this type of loan may work in your favor. Good luck

Marc

5

With those kinds of things- especially the drywall thing, I’m not suprised that the lender wants these things done. Call me if you would like to discuss this because there are a couple ways it could be handled, and it would be easier to discuss over the phone. Thanks