I'm looking for the best strategy to finance a rehab. I've got an outside investor that is willing to pay cash for the property under the condition that I pay for the rehab. My GC estimated the rehab to be around 35k. Are there any local credit unions that you've worked with that give favorable interest rates for renovation loans on investment properties? I've found most HML in SA don't loan for that low of an amount.
Thanks for any help!
For a recent project, I got a personal loan from SoFi, an online bank, at 6% for 2 years. You can pick loan terms up to 7 years at higher rates. Super easy online app, funded in about 2 days, no closing costs.
Thanks for the help! I was looking at Discover as well for similar loans. Any penalties for early payoff with SoFi?
OR just get a hard money loan, and then you dont need a partner and you can make all the money for yourself.
No prepayment penalties with SoFi.
I lend private money on these types of deals Mason. Usually not that low, but always happy to make an exception in order to start a new relationship. Even if we can't come to an agreement I'm confident I could set you up with someone who can throw some quick and easy debt on it for you.