Financing A Rehab Property
I need some creative financing for a home I want to buy. The electrical wires are showing and a lender is telling me that the loan would have to be for construction to permanent. Are there better ways to buy this house?[ Edited by jfoley on Date 01/26/2004 ]
There are loans that you buy with a subject to appraisal. This pays for the house and the repairs. they are the new thing with banks six reps have been to my office in the last two weeks.
try to find a broker in your area that does this
lori
[addsig]
I'm familiar with these loans. Trying to avoid getting an ARV appraisal so that seller won't push the price higher.
Hi Lori,
I eMailed you at American Eagle Financial. My question is regarding "Subject to Loans" and what they are. We are a construction company looking for the best financing package to rehab buildings for senior housing. We too are located in the Pittsburgh area, so your location really caught my eye.
Thanks and any info would be helpful!
April
I would shop around a bit. That means I'd go to, say, six or seven banks and present your idea and get a construction loan. Not every bank asks you to live in the rehab after you've done the work.
Partners. Yep, I have a good partner. We split everything 50/50. I puts up the $, he and I do the work, and it's 50/50.
Look up at the top of this page at Lenders, and look in your state for a hard money lender. I found one in about two days -I like to have a few lenders that I can go to.
Thanks,
OnTheWater
Uh, goofy me... He puts up the $, and he and I do the work.
OnTheWater