I want to purchase a property as an investment. It has a distressed house on it. The house needs so much work, including foundation repair, that it makes sense financially to demo it. It is also on a piece of sought after waterfront property where most people like to knock down and rebuild. I want to buy the property, demo the house, then put the property up for sale. Two bankers have told me I need to repair the house and can not demolish it in order to get an investment loan because they do not do loans based on land only. Does anyone know what type of loan I need?
You're basically going in to this deal as a developer, so you would need a construction loan. They aren't the easiest to get, but if it's in a good area you might be able to find a taker.
Our company offers Fix and Flip loans that lend up to 80% of the ARV and 80% of the rehab cost, and help do a lot of deals in Florida actually.
If this situation would help you, please feel free to connect with me here on BP or I've offered other contact info on my profile. I would love the opportunity to earn your business if we can be of assistance.
- Shaelyn C.
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