This Old House
I have found a good rehab project, but need financing for the project. This is a 1907 Craftsman style with a purchase price of $70,000. The current owners are getting a divorce and need to sell. The rehab estimate (from contractors)has come back at $40,000. The ARV is $175,000 (from comps). I can fund the rehab, but I need a NOO NO DOC for the purchase. My credit is EXCELLENT with prior mortgage history. I am self employed with limited assets. I would prefer to get a loan to cover both the purchase and the rehab. Is there a hard money lender that will do this deal based on the information provided? I have just begun REIing and have not yet joined any RE clubs so I do not have access to good local referrals. I don't want to Lender Fish. I just want to know if this type of financing from a Hard Money Lender is even available.
Go to http://www.thecreativeinvestor.com/LenderFinder-index.html
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