Creative Financing for Rehab

[Ray Taylor]

Hello BP,

So I am getting ready to close on my second property and have some rehabbing that is about to happen. I have some thoughts on how to finance the rehab without using hard money. Home Depot has a project card that allows you to borrow up to 55k at 7.99 APR. This seems like a good alternative to borrowing hard money as I will have more flexibility with borrowing more or less and only paying interest on what I have borrowed.

My concern with this process is how it will affect my current loan application to purchase the property. I have already locked in the interest rate. If I submit an application to for the project card will it put my loan at risk of being changed in any way?

Thanks for your time!

Ray