Buy Rehab Hold Financing Recommendations

3 Replies

I just locked down a 6 unit complex and now looking to lock in financing. I currently have a commitment from one institution but it doesn’t include rehab cost; it’s only to secure the acquisition. Can anyone refer or recommend a good commercial lender who will also include the rehab? Interest only would be ideal with no pre payment penalty but I’m open to here who you all recommend. Thanks for your input on this. Greatly appreciated!
Rashad Jones Jennings, Real Estate Agent in GA (#361693)

Rashad did you talk to few local banks? 

Some could offer 75% of purchase + 75% of rehab. 

If you had no luck there perhaps try talking to local mortgage broker, they should know who can be best fit. 

@Rashad Jones Jennings I have pretty good relationships with small local banks and they won't include rehab costs for me so I think you won't find that. My suggestion is to use 0% interest credit cards or find a private lender to take a second note for the rehab. If it's in a good area that's something I would take a look at if you want to pm me the details.

I think I may know of a 12-month, 85% of the purchase price + up to 100% of the renovation costs, not to exceed 75% of the after repair value. pm me if you'd like

Join the Largest Real Estate Investing Community

Basic membership is free, forever.