How to finance this deal???

[mkasper27]

We have a rehab under contract for $70000, estimated repairs are $40000, ARV is $150000.  My business partner has a credit score of 670 and we are trying to get a construction loan in order to rehab this house.  We are running into problems getting a loan because the house is not considered liveable i.e. no plumbing/electricity.  Does anyone know of a specific rehab loan that we may be able to use.  I would really appreciate any advice that you may have.

Thanks
Michelle

[David Garcia]

Michele,


You can try getting a hard money loan.

My brokers info is: (718)382-2587  Javier

[devildog476]

You could probably do a one-time close, escrow hold back.  I only know of one company that can do this.

[mkasper27]

I just wanted to thank you guys for your advice.  David, I will try calling your broker.

Thanks again

[Jo se]

Try Wells Fargo, they have rehab investors loans. They lend to purchase property and for rehab. Be sure to have a general contractor, completed cost bid for repairs, 3 comps. It will be a one time closing loan.

Jose