Fix & Hold Loans (BRRRR)

[Pierre Eade]

I am looking to buy a property, renovate it and keep it. I need a loan that will provide renovation expenses, then the opportunity to refinance after the build out.  I am looking to put $75-100K into the renovations. I have never done something of this size, most of my holds require $20K or less in funds.  

What lenders/programs do you have experience with that may fit a project like this one?

[Eric Goldman]

typically you would want to do purchase and rehab financing,(typically up to 90% purchase 100% of rehab costs) then cash out into a permanent 30 year fixed mortgage some lenders offer products that will convert. in my experience they are not cheaper or easier.

so i would shop for the purchase and rehab money. and then work on the out and get everything lined up. things to remember. seasoning on the back end and carrying costs of the project. Rates are jumping all over the place for the 30 year fixed money. the bridge loans have pretty much held steady. 

I hope this helps.