Updated over 2 years ago on . Most recent reply
Low loan minimum bridge loans
Hello, I'm wondering if there are any lenders who offer low loan minimums to accomplish renovations only? I have a home free and clear that needs around 30k in renovations that I'm looking to get funding for in Michigan. Please message me if you know someone. Thanks!
Most Popular Reply
Rahnesha,
There are definitely a few hard money lenders that can do that, but you would want to be wary of fees upfront, especially if a HELOC is available. The advantage is that with Hard Money it would stay off of your personal credit.
There are also options of getting additional money out to help cover the renovations up front, and then doing a draw post-completion to recoup that money to then potentially draw it into a cash out refinance on its new value.