Posted by Nick on July 13, 2001 at 12:01:42:
First try to get the owner to finance part of the payment and then refinance at a later time.
Or you can ask for the original loan to be a rehab or construction loan. These loans are interest only for 3 to 6 months and then the bank will turn this loan into a conventional loan after the work is done. The bank will also let you pull money out at the time they change the loan over. If you go to a community bank or small regional bank this is easier to do.
Don’t forget when you go to the bank have everything you can together for the bank to see. Take all documentations and comps. Show the banker what you want to do and why and how it works.