Creative Real Estate Financing

User Stats

7
Posts
8
Votes
Alexander Sheridan
  • Marion, OH
8
Votes |
7
Posts

Financing Suggestions to wrap up a rehab?

Alexander Sheridan
  • Marion, OH
Posted Jul 14 2022, 19:37

Any suggestions for getting a bit more money to wrap up rehab of a house I purchased with cash?

ARV: $200k

No mortgage on the house. Typical credit score of ~800 but currently 630ish due to very high credit utilization. I’ve been paying for contractors with cash and material on cards.

I was hoping to wrap up the house like this, but had a rental get wrecked and had to pump quite a bit of money back into fixing it up.

Any creative ideas to finance the remainder? Self employed with 11 units on my own with around $1m in available equity across them. 18 additional units in mixed use properties with a business partner.


Thanks in advance!

Columbus, Ohio

User Stats

46
Posts
54
Votes
Anthony L Amos Jr
  • Real Estate Agent
  • Columbus, OH
54
Votes |
46
Posts
Anthony L Amos Jr
  • Real Estate Agent
  • Columbus, OH
Replied Jul 15 2022, 18:21
Quote from @Alexander Sheridan:

Any suggestions for getting a bit more money to wrap up rehab of a house I purchased with cash?

ARV: $200k

No mortgage on the house. Typical credit score of ~800 but currently 630ish due to very high credit utilization. I’ve been paying for contractors with cash and material on cards.

I was hoping to wrap up the house like this, but had a rental get wrecked and had to pump quite a bit of money back into fixing it up.

Any creative ideas to finance the remainder? Self employed with 11 units on my own with around $1m in available equity across them. 18 additional units in mixed use properties with a business partner.


Thanks in advance!


Raising private money or applying for business credit is probably your best bet if you don't want to use your equity. Also, you may be able to get a collateral based loan as well with the amount of property you already have