Financing Rehab on Primary Residence

[Dylan Cross]

I have just acquired a single family property that needs a solid amount of work ($150k+), and I am looking for ways to fund this project so that we can refinance in about 6 months to take the cash out. Ideally we could get a private money lender that would be willing to lend some amount of the renovations, $80k+

In case it matters, we own a couple of investment properties worth over $2M and have a fair amount of equity in them (Loans on the properties equal about $1.2M). We don't want to do cash out refi as we have under 3% interest rates, and HELOC's/HELOAN's take awhile to process.

Any thoughts or suggestions?

[Erik Estrada]

It would be a smarter Idea to do a line of credit. You will pay less in fees and you can draw as you need. 

There are private lenders that can take on seconds on investment properties. Be advised that this is not long-term financing so you would need to pay off that loan soon. Max 5 year interest only term.