Michele, I doubt if you’ll find a Hard Money lender who will go over 70%, much less 90%. However, you did not say if the property will appraise high enough or not. I suggest that as long as you have the 178k, get a loan for the purchase price, use your own funds for fix-up and refinance when complete to pull your cash back out of it.
I have a house in Palm Bay, Florida ready to close July 15.
The house is listed for 215K…I have 178K and some closing costs…if I go with the preferred lender, I get 4K off costs…plus,as a licensed Realtor I get commissions on this…I am willing to add someone to the contract who can do the mortgage and take a piece of the pie when it is sold…the spread is about 25K. I secured it with 5K and am willing to split it 50/50 or whatever works…I can handle the closing costs.
I am also looking at hard money loans…95%-100% financing…email me if you have any suggestions. Thanks