Funding rehab in a TRUST
I have 3 inherited properties (2 multifamily, 1 vacant single family). These properties are in a trust in which I am the sole trustee. All properties have been family owned for decades and are paid off (approx. $1.5 mil value).
Plans to convert vacant single family to 2 family rental (1 bed 1 bath, 2 bed 2 bath). Full gut reno, probably 375k to get the job done. Conservative rent estimates once finished should be 4k. I need to get a bank to finance this project. Sounds like I will need to put up the property as collateral to fund this. Sounds like in talking to banks I will only be able to borrow 75-80% of value. Haven't run the final numbers yet but has anyone dealt with this type of situation?