Updated about 10 years ago on . Most recent reply
HARD MONEY QUESTION
@John Thedford, is it common for HM lenders to finance the purchase of a property but not finance the rehab?
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John Thedford
#5 Wholesaling Contributor
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
That depends on the individual lender, their requirements, their relationship with the borrower, etc. I just did one loan for a BP member. I financed most of the purchase but not the rehab. After we have a relationship built, provided I dont have any issues being paid timely, I may relax my qualifications some. I have another guy that will never get another dime due to late/no payments and having to hire an attorney. He has been a total PITA...and I don't have time for problems!