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Updated almost 11 years ago on . Most recent reply

User Stats

108
Posts
34
Votes
Joshua Nudell
  • Investor
  • Bellerose, NY
34
Votes |
108
Posts

I'm looking for a short term loan that can be funded in the next week

Joshua Nudell
  • Investor
  • Bellerose, NY
Posted

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).

Thanks for any help/suggestions you can provide!

-Joshua Nudell

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