are there any lenders who will loan cash to rehab a property?
Tuesday, September 16th, 2008 at 4:26 pm
Looking For Cash Day Advance Loan Reports
I have good credit and a steady income with low debts. I have seen various properties in my area that need about 40k worth of work that are going for around 5k. Are there any lenders whom will loan me cash to fix on these types of properties to flip, or should i just buy one of these homes for cash and get a loan against the house? Or should I get a 203 loan?
Filed in: Cash Lenders
September 19th, 2008 at 8:25 am
You may be able to get a line of credit to be used for rehab and draw as needed.
I’ve seen it done many times. Even up to a million extra in that manner.
September 21st, 2008 at 10:58 pm
First you need to make sure these houses are insurable. No insurance - no loan. Or if the bank provides the insurance then it only covers them and you’re out on a limb.
The last one I bought I got a Fire Policy until the rehab was done - and borrowed the money from my insurance company.
September 25th, 2008 at 7:26 am
Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shopand can get a good idea of what each can offer you in terms of interest and other finance charges and fees. Choose the best one for your needs, and apply for the loan.
September 28th, 2008 at 3:39 pm
based upon your condition,I think you should find something useful here.http://homeloan.online-assistant.info/equity-fixed-home-loan-rate-rate.html