70k Construction Loans On A 30k Rental?

[Will Gaston]

All:

I'm looking for a construction loan on a rental property, which I assume will probably have to come from Hard Money or a Private Lender.

Has anybody had an experience with doing a construction loan for a rental with Lima One, Visio, etc?  Do they have any restrictions on loaning for repairs/improvements?  

In this case, the repairs will be almost twice as much as the purchase price of the property. I have about 20+ rentals in this area and am very confident of the repairs costs and the ARV.

Purchase Price: 30K

Repairs: 70K

ARV: 150K

Rent: $1500

Any help would be appreciated.

[Jay Hinrichs]

depends .. for this deal I would be talking with a local.. if not the others you mentioned.

its small enough deal that terms are not that critical as opposed to having your take out secured . so you don't get stuck in HML rates for any longer than necessary