Question : are there any lenders who will loan cash to rehab a property?
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?
- asked by devildogof2006
All Answers:
Answer #1
You may be able to get a line of credit to be usedfor rehab and draw as needed.I've seen it donemany times. Even up to a million extra in thatmanner.
- answered by ed
Answer #2
First you need to make sure these houses areinsurable. No insurance - no loan. Or if the bankprovides the insurance then it only covers themand you're out on a limb.The last one I bought Igot a Fire Policy until the rehab was done - andborrowed the money from my insurance company.
- answered by pinky
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