Posted by RJ Baxter on July 13, 2006 at 17:51:35:
Hard money might be your only bet. Will you be living in this property while you fix it up? Traditional bank lenders will not do non-owner occupied rehab loans.
Purchase and Rehab funding needed - Posted by I Narvaez
Posted by I Narvaez on July 13, 2006 at 17:47:49:
Hello all, I am just getting into the rehab game did all the leg work for finding really distressed homes with great potential. In up and coming neighborhoods. One potential gem that i picked out is a two fam brick the only problem i have is finacing. I’ve been unable to locate a lender that will loan money for purchase and rehab. The property is selling for forty thousand needs two hundred - two fifty in work and would be worth three hundred - three fifty according to comps in the area of similar properties. I’ve looked at hard money lenders but closeing cost on most would be far more than I could come up with even when i’m able to roll in some of the cost in to the loan. And other lenders don’t do purchases for property less than hundred thousand. I don’t live in the same city as the property so I can’t do 203k which would have been my first choice. So if any one knows of a lender in the new york tri-state area that would work with such a low purchase price i would love to hear from them. Or if you have any advice as to how i could raise thirty six thousand for purchase I can find money for the actual rehab.
Re: Purchase and Rehab funding needed - Posted by realjv3
Posted by realjv3 on July 14, 2006 at 09:52:52:
Try these Lenders:
Mortgage Bankers, Ltd.
Contact: Robin Snyder - 800-854-9077 Banker7000@aol.com Programs: Residential/Commercial Refinance/purchase mortgages, A-D credit Loan Amounts:$10,000 - $300,000,000 Territory: Nationwide
Visit our secure website to apply online at: www.refinancecash.com
Ready Mortgage Corp.
Contact: Craig Pettit - 972-889-7323 c-pettit@readymort.com Programs: 100% financing including rehab costs on single family residential properties. Loans up to 60% of after-repaired-value. Quick closings! AD credit.
Loan Amounts: No set limits Territory: Nationwide Web Page: www.readymort.com
All Real Estate Loans & Investments Co.
Contact: Barney La Montagne - 541-471-4987 realoans@allrealestateloans.com Programs: Any type, commercial, construction, income properties, residential, bridge loans 1-10 year terms, interest 11% and up, 3 points and up, maximum 65% LTV (of ended value). Loan Amounts: $10,000 to $50,000,000 Territory: OR, WA (under $500K), Nationwide (over $500K)
Re: Purchase and Rehab funding needed - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on July 13, 2006 at 21:06:29:
These are traditional lenders that will give up to 80% of the after completed value.
Am I to understand that the purchase price is $40K and the estimated rehab costs are $200-$250K? So you would be looking at a min investment of $240-$290K?
The after completed value would be $300-$350?
You might want to find a better deal.