20k for rehab, where to get funding?
Hello everyone,
Please share any ideas you have to help with the problem below:
I have found a retired couple who own, free and clear, a second house in Houston, Texas they would like to use as a rental property. The house needs a rehab that would cost around 20k. They do not have the funds and the bank will not loan on an unoccupied home that I am aware. The house's ARV is 90k and they own it free and clear. There is a lot of equity in the home. Is there a private lender willing to loan that amount of money for first lien position?
Thanks for your support and help.
Kind regards,
Andrea