Looking for Rehab/Renovation Loan Suggestions
Hello everyone. I recently purchased an historic 1845 farmhouse that needs a full gut rehab. Is this something that a private lender would be interested in or would I need a hard money loan to complete the project? I plan to make it an Airbnb/Small Wedding-Event Venue. It sits on 2 beautiful acres, but the house is in grave condition and needs lots of repairs. It is registered in Mississippi as a Historical home. I reside in Woodville Mississippi and so far, no lenders or appraisers understand the scope or uniqueness of this property, and I have been unable to get a loan. Any suggestions or recommendations will help. Thanks, Adrienne/😊
Most Popular Reply
Hi @Adrienne Hardy, congrats on your recent purchase!
Unless you have already successfully performed a full gut rehab on a similar property, and made money doing so, you'll have a very difficult time getting funding.
To any lender, the scenario your describing looks like an enormous risk sandwich, with a side order of potential disaster.
Your best bet will be to convince friends and family who already know and love you to lend you the money.