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Saturday’s for chillinnn ❤️

40+ / M / NYC / 375
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Saturday’s for chillinnn ❤️

40+ / M / NYC / 375
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Loke up BRRRR
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Subject Expert
Usually have to go hard money loan. HELOC on your primary might be an option too
The big banks won’t do it. You have to go with a smaller bank (ie a local one to the location of the property or a credit union) or hard money loan as others have mentioned.
Very rare to find a lender that will do a second lien on a rental. I’ve worked at multiple banks - local, regional, biggest - and have never seen it. Most lenders would rather do an unsecured personal loan than a second lien on a rental especially if they don’t hold first lien. From an underwriting perspective the risks are similar and RE loans have way more regs associated and documentation hoops to jump through. Rate would be comparable to a good credit card anyway. Just go that route. And if you don’t qualify for a good credit card with a $20k limit or so, you aren’t going to qualify for a rehab loan either.
Look up winxcrypto.org