Financing an unfinished house - after auction
We recently sold a rental and have some cash- ($60K) we are bidding on a partially restored farmhouse at auction.
We are not investors at this point, my wife loves this house- dream house. perfect house - best house EVER.
So if i win the auction at $100K i have about six weeks to settle up. We could borrow from our retirement to close the deal then finish the restoration and do a cash out refi to pay retirement back.
But with 50% down i'm thinking there might be other ways to finance this? My bank is a credit union, i've done two renovation loans with them and they are too slow.
Can an amateur get financing on an unfinished property with 50% down? I think the house needs about $20K to be great.
thanks