Can you get a home equity loan for a home that needs rehab?
The home is paid for and no liens are against it. The home would not pass inspection at this time. I need 20K to make it livable again. Someone told me that the bank would lend the
the money on the future equity of the property if I had a licensed contractor do the work. Can anyone clarify this type of loan. Thanks in advance.
If you have a long standing relationship with bank they may loan you money based upon future value.
You can probably about 70% of what home will appraise for in its current condition.