Hard Money Lending on high repair cost homes
I recently came across a property in Athol (yup way out there) and it looks like I can make a decent profit on it. It is currently up for $79k and needs $120k in repairs. I would not be offering the $79k, closer to 50k. I ran into a roadblock with a hard money preapproval as this is over 2 times the price of the home to repair. Has anyone run into this and how were you able to make it work if the deal made sense in the end?