Posted by Randy on September 03, 2003 at 13:45:21:
You have a very difficult if not impossible situation here. Unlikely you could find a source to lend the rehab cost?s in a 2nd lien position. A HML would go 65% LTV in a new first lien if your seller would subordinate to the new lien. What is the purchase price? Rehab costs? Holding costs? ARV? There may be sources if the deal is structured right.