Investor · Bellerose, NY · Member since 2014 · 108 posts · 34 votes
Hi BP MarketPlace,
I am currently looking for a quick short term loan for a project I'm working on.
I have purchased a two-family rental property all cash for $70,000 and I am now in the process of renovating it to get it rent ready.
I estimate that I will need about $30,000 for renovations.
I am willing to get either a secured loan against the property or an unsecured personal loan.
The property will be worth at least $100,000 after renovations and I will be able to rent each unit for $750 once the units are ready.
The property won't appraise (for residential appraisals) because I have already started gutting it and it has no kitchen or bathroom.
On the personal unsecured loan side, I have steady employment (7+ years) and make over $100k per year. My credit score is pretty good, but not perfect (720 according to Discover and another credit card that uses a different agency for pulling scores).
The only issue I have is that I need to get funded before January 4th.
Can anyone provide some ideas on how I could get a quick loan to cover costs of renovations?
Obviously this would be a pretty short term loan (no more than a few months).
@Joshua Nudell I would suggest you try to find a hard money lender considering the immediate need / timeframe you mentioned. If an appraisal is even ordered most HMLs go off of an ARV (after repair value) so the lack of any kitchen or bath now shouldn't make much difference.
You need to have a solid exit strategy when pitching to a HML.
A quick online search in your market should give you some HML options.