Rehab Financing for Already Owned Property

[Jonathan Roberts]

Hello, 

TLDR: Work-ready SFR for full rehab on owned property, purchased for $125k in August 2023, needing $160k for rehab (total costs $285k, ARV $420k).

I am looking for a private lender to finance my rehab on an already owned, gutted property in a desirable neighborhood of the city (Upper Lawrenceville): demo complete, structural engineer sign-off, architect-approved design to move the stairs (which is not a small deal in Pittsburgh), and city permit. AKA Work-ready.

I purchased the home with an FHA loan, and my original contractor (as required by FHA otherwise I wouldn't have used one) underbid the contract not understanding the inflexibility of such a loan. After much searching and working, I have a new GC, but my lender is unwilling to onboard a new contractor. This contractor will take me from gutted house to ready-for-drywall (reframing, new siding, finished basement, new siding, new roof, new plumbing, new electric, new HVAC), at which point I will take over and complete the internals with my team.

Exit plan is VA refinance, but I'm not unwilling to sell to satisfy all parties if necessary.

[Jamie Dietz]

Happy to talk to you about private (Hard Money) loan if this will be investment only property.   We are local here in Pittsburgh and very familiar with the Lawrenceville market.   Please reach out to discuss in more detail.