Investor · Frisco, TX · Member since 2016 · 93 posts · 23 votes
9y
It depends on the kind of property you are dealing with. If the property is an investment type that needs rehab, your only option is a hard money/ private lender. A bank loan is when the property can go straight into conventional loan (no rehab needed).
You would usually use a hard money loan to buy an investment property that needs some work and convert into a conventional loan after the rehab is done.
Hope this helps !!
Investor · Frisco, TX · Member since 2016 · 93 posts · 23 votes
9y
If either side needs any kind of major rehab, you probably cannot get a loan from a bank. Cosmetics like carpets, paint may get through with a bank but anything major including foundation, roof wont qualify for a straight conventional from a bank.