Equity on Gutted Homes
1 Reply
Andreleta Johnson
posted about 2 years ago
Aaron Poling
Realtor from WV
replied about 2 years ago
In most cases you would need to borrow on the market value or the income value of a property. Market value would require it to be finished condition to find other properties that have sold that could be similar. There are ways to get financing on just about anything with value, but this will be considered high risk and interest would be high and terms would be unfavorable. You may want to get a rehab loan on the property, this would probably be the best source of financing. It would really depend on what you are going to use the money for, and what you are going to use the property for.
Hope that helps, Aaron
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