Updated over 7 years ago on . Most recent reply
Rehab Loan for a Duplex?
Hi I am looking to buy my first property in Columbus Ohio. We are trying to focus on duplexes, but with our budget (about 150k) and the market we can not find anything in our price range that cash flows that does not needs a total rehab. I am happy to take on a rehab but I have been calling banks to see if they provide rehab loans for a duplex and can not find any banks that do conventional mortgages that will give a rehab loan for a multifamily. Does anyone know of a bank in Columbus that gives rehab loans to duplex properties? Or any other options? I did talked to a commercial lender who will but I am not sure and a little confused about the interest rates ballooning after 5 year.
Any Help or suggestions would be much appreciated.
Thank you!