Contractors are also investors
Published 4/4/2024
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FHA 203k loan, Choice renovation loan
Contractors quite often see hot renovation projects. The home featured was an 800 SF home a client found for $400,000 in an upscale neighborhood. We were brought into the fold when her contractor screwed up royally and refused to correct his major deficiency.
That opened it up to a 203k loan and we were hired. We bid the project to complete the project. We worked with the contractor and he was able to complete the project within the confines of the 203k maximum loan amount and wrap this project up in record time.
We all know the faster we finish a project the more we make per hour. If you have a project that needs financing we could likely cover you with an FHA or HomeStyle mortgage loan. Why is this important to you? Simply because all the money for your project plus a contingency reserve is being held by the lender and will be paid out to you as the work progresses.
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