“Yes, I can Recommend a Hard Money Lender”
The appraisal for 75 Olive Street property came back at $110,000. Unfavorable marketability due to the numerous repairs. Mostly, asbestos abatement and radon abatement and electrical safety issues.
Because the asbestos tiles/flooring is damaged it must be removed. The home is not lendable without this being done first. Therefore, I believe we are at a place of having to look at hard money lender. Is there anyone you recommend?
Once the renovations are done, we will want to come back to you for a conventional mortgage.
Many hard money lenders would do a loan on a property as was described above. They sent me a copy of the appraisal, it needs a lot of work. I also recommended that before they move forward with a purchase that they have a home inspection as an appraiser may miss many possible issues.
Subscribe to my blog via Email:
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.