Who finances YOUR rehabs?

Question

Hi all, I hope everyone is doing well.  Since a lot of rehab/hard money lenders have been tightening their guidelines, I have been having a difficult time in finding lenders with no BS.  So, for those of you that go that route for financing, I was wondering what lenders you use, location aside, although I am mainly looking for but not limited to FL and CA funding.  
   
   Any recommendations?

Thanks in advance!

Vincent Brooks · Answer

I took out an investor's mortgage with the bank.  There were demographic constraints.  It was called the Community Access Mortgage (CAM) that focused on neighborhoods whose house values did not exceed $65K.  I was required to put down at least 10% of the purchase price of the home and fix-up costs.  I had to submit estimates from licensed and bonded contractors, and I could not dwell in the property.  The mortgage is for 30 years.  I had the house fixed up in 30 days!

Eliza Parsons · Answer

Thanks for the info so far guys!  There are so many hard money lenders out there, but they all seem to be the same now.  I need rehab costs included, which isn't really a problem, but most require up front fees and such, full doc, and have slow funding.  With all that, I could practically just go to a conventional lender, which I won't because I hate dealing with big lenders.  
   Anyone else want to share their lenders?

Minna Reid · Answer

I used colorado federal savings  (they're out of TX..lol) for my last. Granted the place was livable, so I didnt have to go hard money. I just put it in as an investment prop. I got a 100%, stated doc, non owner occupied, no prepay...PM me if you want my guys name -he is great, can make almost anything happen - if- you have good credit.
But this is a bank - they are not funding the rehab portion or anything, just the purchase.

N/A N/A · Answer

G'day,
Just a tip for you, I was in your same position when I started out. Stick to the smaller credit unions etc, small banks...etc. Get to know the bank manager, ask questions there...
The big banks etc will fob you off...but get local.
I started at $20k in debt and no job...but bought two properties within 3 months.

Hope that helps...

N/A N/A · Answer

Ca Only
up to 70% LTV of FUTURE VALUE
No Pre pay
Owner/Non-owner occupied
Buyer pays appraisal all other costs built in.
No Fico needed. (based on ability to repay)