NEED ADVICE FOR ADDITION FOR REHAB
My partner and I just just purchased our first rehab. We are expecting the repairs to be over 50k. We are already using a Hard money lender for this project and because it's our first deal they are really strict on the terms. We need additional funding but we don't have private money lenders. My credit isn't bad I just have High utilization due to us starting this business so my score dropped tremendously to a 600 and my partners score is about 630. My question is can anyone refer a company that will lend us an additional 50k to complete this project with these credit scores? Or someone willing to be a private lender? Please advise on what we can do. Thanks
Most Popular Reply
An additional $50K, wow! can you complete the current outstanding projects with the money that you already have? maybe open a few interest free credit cards? or open a Lowes/Home Depot account for purchases and finish as many project yourself that you can? maybe bring in a partner/family member, just to finish up what has been started.
it might be prudent to break even/small profit and finish this one.
And, learn to estimate projects and put a budget together prior to purchase, so you can have your financing squared away.
good luck!