It’s every seller’s dream: turning an ugly or outdated house into one that’s more attractive and appeals to more potential buyers (and at a higher price) so it can sell faster.
However, if you’re like most sellers with homes like this, you’ll need a rehab loan to make it possible.
Prior to 2008, it was easier to get in rehab loan from a bank than it is today. In many cases, investors need to turn to a hard money lender for this type of financing – but what is a hard money rehab loan, and is it right for your situation?
Hard Money Rehab Loans in Atlanta
Hard money rehab loans are generally easier to get than conventional financing is. That’s because although hard money lenders do check your credit scores, they are typically equally interested in the potential value of the home.
Although FHA 203k loans are bank loans that many people use for rehabbing a house, borrowers must qualify – and the process typically takes quite some time. In fact, it can take 2 to 3 months to fund this type of financing.
If you’re trying to sell your property quickly, you may not have time to wait for an FHA 203k loan to go through… even if you do qualify.