Posted by Ben Carmona on June 10, 2007 at 24:39:35:
You may not need a hard money loan. There are several options.
local banks
using a heloc from your primary
conventional rehab loan
hard money rehab loan
Will send you an email with more info?
Ben Carmona
Hard Money or Other Financing in MA? - Posted by Stephanie
Posted by Stephanie on June 09, 2007 at 10:56:35:
Hi Everyone,
My husband and I may have found a good rehab deal. We are not sure which way to go in terms of financing.
Here’s our situation:
We have excellent credit (High 700s FICO) but we have debt and not much in cash reserves. We both are employed and own our own home with about 100k in equity.
The home would cost under $200k (a steal in MA) and the owner would want 10% down, which we don’t have in cash to offer.
Is hard money or other financing best?
Also, I have checked online for companies that do rehab loans in MA, but would also like any personal recommendations.
Thanks,
Stephanie
Re: Hard Money or Other Financing in MA? - Posted by Ben Carmona
Posted by Ben Carmona on June 21, 2007 at 23:39:58:
How did this rehab investment turnout for you?
Ben Carmona
Re: Hard Money or Other Financing in MA? - Posted by John Corey
Posted by John Corey on June 14, 2007 at 15:11:47:
Hard money is one option and with good credit it is not normally at the
top of the list. Even if your credit was weak hard money is best only
with specific deals (direct advice from a hard money lender).
Follow what Ben has suggested as there could be a range of
possibilities.
You could even look at more creative ideas (lease/option until the
rehab is done is one).
John Corey