I'm looking into buying property that is need of refurbishment. Once refurbished i plan to sell the property at a profit (approximately 3 - 6 months after aquiring the property - depending on the extent of the work that needs doing).
1. Are there any types of loans out there that would finance the purchase and the refurbishment of the property?
2. Ideally i would be looking for a loan that would have to be paid back in 1 lump sum (+ interest) once the property is sold as my income would be £0 until it is sold.
Your advice on this issue would be greatly appreciated
Thank you
rick
Full Version: finance to refurbish property
Rick,
There are many small banks, commercial lenders, and some hard money lenders that would help you with your project. You need to have in mind the costs to fix up the property and idea of what you think the property will be worth once you have rehab it. I have a couple of banks in California that would do this for you but the property has to be in California. I also have nationwide commercial lenders that wouldnt mind looking at this scenario as well. What state or Country do want to do this in? Best of luck.
There are many small banks, commercial lenders, and some hard money lenders that would help you with your project. You need to have in mind the costs to fix up the property and idea of what you think the property will be worth once you have rehab it. I have a couple of banks in California that would do this for you but the property has to be in California. I also have nationwide commercial lenders that wouldnt mind looking at this scenario as well. What state or Country do want to do this in? Best of luck.
QUOTE(jandr @ Jul 14 2005, 06:31 PM)
Thanks for your reply jandr, i am in a good position to work out costs of refurbishment as i do quantity surveying for a living & value of homes is not a problem as i have an estate agent on hand. I am actually carrying out the project in the United Kingdom as thats where i live.
Thank you again
Rick,
There are many small banks, commercial lenders, and some hard money lenders that would help you with your project. You need to have in mind the costs to fix up the property and idea of what you think the property will be worth once you have rehab it. I have a couple of banks in California that would do this for you but the property has to be in California. I also have nationwide commercial lenders that wouldnt mind looking at this scenario as well. What state or Country do want to do this in? Best of luck.
Thank you again
Rick,
There are many small banks, commercial lenders, and some hard money lenders that would help you with your project. You need to have in mind the costs to fix up the property and idea of what you think the property will be worth once you have rehab it. I have a couple of banks in California that would do this for you but the property has to be in California. I also have nationwide commercial lenders that wouldnt mind looking at this scenario as well. What state or Country do want to do this in? Best of luck.
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