Loan Question?
I found a house that has been foreclosed on that the people were in the process of remodeling. The house is about 85% complete, and now the bank wants a cash deal in order for anyone to purchase because the property isn't finished 100%. Is there a special loan I can get to make the bank happy and allow me to finish the property?
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Why not ask the Bank?
No, because if it's not complete, you won't have a traditional bank to finance that option...at least not as a mortgage.
You will have to get a personal loan or a private loan, and then refinance to a conventional loan at a lower rate when the property is 100%.
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you can get a cash out loan package from a different bank after purchase if the house has enough equity. meaning one payment and not a second mortgage.
Check with the forum on some websites that specialize in this.
In this city there are agencies that will give you money to finish if your income is low enough