Rhab Financing for free and clear property

[Korey McMeekins]

I own a single family property free and clear that needs repair before I can rent. I'm seeking financing to accomplish this goal but I am unsure of my options if any. Doc's not strong enough for traditional loans and private financing seems geared to selling. How do I tap into the equity in this situation? 

[John Marion]

It depends on your location. Not all lenders loan money in every market. If you are in a large enough market, you should be able to find financing for your property if you have enough equity.

My advice would be to promote your need for a loan with your location. This will alert money lenders that you have an opportunity for them to fund.

You should also do a proactive search. Start online. And Ask real estate agents for names of lenders.

Those lenders may not be the right kind of lenders, but call them anyway and tell them what you are looking for and if they know of any lenders who do the kind of loans you need.