Posted by Chris Macone on September 23, 2005 at 13:58:14:
Hello Robert, You mentioned that the bank said that you didn’t have enough liquid assets. Can you say what your total assets are?
Need rehab financing - Posted by Robert _WV
Posted by Robert _WV on September 23, 2005 at 06:31:12:
I am under contract on a 12plex apt. building. 3 buildings, 4 apts. each building. One building has fire damage and two of the 4 are affected. A ceiling and floor in above unit needs 6 floor joists. Both units will need to be gutted because of smoke. The other two units need to be scrubbed painted and new carpet to get out what smell is left in them. Block building with upper story frame. No other damage. Should take $18K-$22K to repair.Appraised 2001 for $215K. Need HML for rehab funds. Need 6 monts or 1 year. And an avenue to refi afterwards.
My credit score is 723, wife is 656. Local bank turned me down, said I didn’t have enough liquid assets.
Can anyone help.