rehabfinancing - Posted by eric

Posted by Bob Beckman on February 13, 2002 at 11:32:24:

Hi Eric,
That’s one I haven’t heard before. What do you mean by “10% holdout”. Are you saying that they will reimburse you up to 90% of your rehab costs?
Bob Beckman
Rehab Funding

rehabfinancing - Posted by eric

Posted by eric on February 13, 2002 at 06:27:47:

I own a 5 unit bldg that I am converting to a six unit. Four of the units are currently unlivable. I found a lender that will go 100% loan and rehab rolled into one. However I am not feeling very comfortable with the terms they are offering. They, are strictly looking to reimburse me based on a ten percent hold back, and are suggesting that I locate rehab financing elsewhere.

I need to have the finacing upfront either part or in whole, to do the work.

Does anyone know of a lender to obtain rehabfinancing from that releases, funds upfront to start with?