Received an accepted offer but conventional mortgage will not work on this property

Received an accepted offer but conventional mortgage will not work on this property

Real Estate Agent · NJ · Member since 2018 · 95 posts · 31 votes

Hi All,

I received an accepted offer on a property but unfortunately was not able to find the funding in time. Conventional mortgage will not work as it is a commercial property turning into a residential with no active kitchen. Property is still on the market and I am sure if I can find the funds they would consider me again.

The property is going to be a challenge but since I don't have experience in investing I don't know if a hard money loan would work.

Any ideas in funding? 

Thank you.

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y

    @Cassandra Alessio

    Hard money loan could work to change it and then refinance back out of it

    What is purchase price and what is amount your looking to borrow ?

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  • Real Estate Agent · NJ · Member since 2018 · 95 posts · 31 votes
    2y

    I would purchase for $140-150k and would need to borrow total $250k for purchase and renovations. I would put money down depending on the terms.

  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    2y

    @Cassandra Alessio what are you doing with the property?  Meaning, are you rehabbing it into a single family home?  Is it going to be a gas station?  What's the end goal for this property?

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