Posted by Ed Garcia on February 03, 2001 at 13:35:34:
Lee,
You tell us that you have good credit. With out knowing the numbers on your deal, I’m at a disadvantage. However if you have a good make sense deal, you can walk into a small bank and get it. A small bank will be your best shot. Also for added information in regards to construction loans, see the post below that I answered titled, Beginner Q’s on financing new apt construction.
Ed Garcia
Construction loan for a duplex - Posted by Lee
Posted by Lee on February 03, 2001 at 12:08:32:
I have been preapproved for a duplex in Trenton, NJ being sold as is for $27,500. It should appraise for no less than $60,000. I cannot get a title 1 loan because I am not going to be an owner occupant. What are some other options for me to get a loan up to the market value of this property? There is about 15k worth of work to be done and I have A credit and my own workers.
I also thought about purchasing the house and then taking an equity loan for repairs, but the house has to pass inspection and have a clear C/O to finance conventionally right?
Thanks in advance for your assistance.