Mount Laurel, NJ · Member since 2012 · 125 posts · 36 votes
I know there are banks or HML's out there that will provide $$ for purchase and rehab costs based on a % of ARV. I am working with a national bank who does not fund rehab but will fund purchase price. They do not lend on ARV. Would I be able to go to another bank to get a HELOC based on the ARV to pay for rehab costs?
Investor · Verona, NJ · Member since 2014 · 1k+ posts · 832 votes
10y
Try going to a local smaller bank, national banks do not usually provide much and are not that investor friendly. try this one, if you go to their mortgage page it takes you to their different products and they say they cater to investors http://www.fultonmortgagecompany.com/
Mount Laurel, NJ · Member since 2012 · 125 posts · 36 votes
10y
thanks @Patrick Liska - have you used them? I called them a few weeks back and never got a return call. Will stop by the local Fulton Bank this week. Thanks again!
Investor · Verona, NJ · Member since 2014 · 1k+ posts · 832 votes
10y
Never used them. Just one of the banks that came up in a fast search that mentioned they work with investors, I would try any smaller bank in the area, they are usually better to deal with.
Investor · Daphne, AL · Member since 2014 · 1k+ posts · 242 votes
10y
Every HELOC we have ever had has been based on a current appraisal, but there may be some smaller lenders in your area who would work with you. Good luck.