Financing for a BRRRR

[Codey Fabian]

I am looking to purchase my first property with my business partner. We located a house that had been used as a business for the past several years. Due to this, they removed the kitchen to make an office and the upstairs bedrooms are in need of repair. It is listed as not livable due to the fact it does not have a kitchen and the upstairs needs to be repaired. We reached out to some lenders who informed us since the house is deemed not livable, we can not get financing. We have our own carpentry business and plan to rehab the house ourselves and then rent it out. Once this is completed and the house is rented we would complete the BRRRR to pull our money back out.

Has anyone run into the issue of not being able to get financing due to a house being unlivable. If so how did you get around this to be able to get financing. 

[Dan Weber]

Originally posted by @Codey Fabian:

@Nick Belsky is a fix and flip loan a commercial loan? I figured there was some type of option like this for us. Do you know if there are lenders in Maine that offer this. No one has mentioned a fix and flip loans to us and we were flat out told we cant get financing for a house thats unlivable.

Reach out to @David Lichten. He is a local hard money lender that may be able to help.