Posted by Johninpa on April 05, 2007 at 06:33:12:
Hi I was under the impression that if I were to go to the bank and ask to refinance it that they would send out an appraiser and the appraised value as the house sits now would only be about $10,000 that is not enough to fix the house up. But if I were to fix it up the house would be worth $45-55k
Money for Rehab Pennsylvania free and clear - Posted by Johninpa
Posted by Johninpa on April 04, 2007 at 14:16:52:
Where do we look for rehab money to fix up a house in Pennsylvania we own the house free and clear but cant figure out how to find money to fix it up. Credit is like 600 just a bit better than that. Any suggestions?
Thank You
John in PA
Re: Money for Rehab Pennsylvania free and clear - Posted by Praveen Mishra
Posted by Praveen Mishra on April 07, 2007 at 19:01:16:
Why do you want to try HML? Have you try local banks? Most of the local small banks do construction loans.
-Praveen
Re: Money for Rehab Pennsylvania free and clear - Posted by Ben Carmona
Posted by Ben Carmona on April 05, 2007 at 18:18:00:
If it’s an investment property you can use a hard money lender. They’ll base the loan off the after repaired value. You may run into problems with the loan amount. If it’s under $50k, many hml wont do it.
Let me know if you need help locating a HML.
Ben Carmona
Re: Money for Rehab Pennsylvania free and clear - Posted by wpage
Posted by wpage on April 05, 2007 at 12:09:37:
You could get a mortgage loan with the disbursement of the funds as progress payments. In other words, you would register a loan against the property and receive the money when certain renovations have met the banks criteria.
Re: Money for Rehab Pennsylvania free and clear - Posted by James Harris
Posted by James Harris on April 05, 2007 at 06:09:00:
Have you’ve considered refinancing?