203 k loan with a private lender
4 Replies
David Canecchio
Flipper/Rehabber from Staten Island, NY
posted about 2 years ago
Is it possible to get a private money lender to also include the rehab cost in the total amount
Wayne Brooks
Real Estate Professional from West Palm Beach, Florida
replied about 2 years ago
HML's do it all the time.......expensive money though, 10-12% plus points.
Justin Kane
Specialist from San Antonio, TX
replied about 2 years ago
i dont understand, your headline state 203k.. but your question is for PM or HML
Tom S.
Real Estate Investor from Burlington, VT
replied about 2 years ago
@David Canecchio I true private lender is someone you know, friends / family. Absolutely it can be done, it's whatever you negotiate. The lender is investing because they know you.
I've done it a number of times with friends.
Michael Glist
Lender from Denver, CO
replied about 2 years ago
Yes a lot of lenders will do XX amount down and fund 100% of the rehab and worst case scenario is that you need to pay down payment on both the purchase and rehab amount.