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What kind of loan can I get?!?

HELP!!
I bought a home less than a year ago becuase it was a really great deal but with no prepared plan on what direction to go with it.

My original plan was to have my father live in there since he is renting and has not had a steady job in years. I've also thought about renting out the home.

Well 10 months later and several paychecks/ loans later, the home is almost done but it still needs a couple of more projects to go to be completely finished. No one can live there since one of the projects will bring the plumbing up to city code where they can allow people to live there.

I'm short on cash now and I'm wondering what types of loans I can qualify for to fund the last few projects? From what I've been hearing from banks is that this is an "investment property" since its not my primary home (live in TX). Many loans that are available will only loan me money if I've had the house for at least a year.
Someone told me about "Hard Money" loans but that makes me think of some sort of loan shark deal or scam.
I was looking for some sort of loan that can give me enough to pay for the projects and perhaps have a little extra to pay off some of my loans. I took a few loans out to work on house but the interest rates are killing me now. At this time there are no loans or liens on the house.
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August 01 2010 - Mansfield
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Answers (3)

If you strike out with the HELOC or the hard money (we can help you with both depending on your circumstances) we are pretty good with construction loans which could finish it up. Our construction loans come in handy many times to fit people's needs.
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August 25 2010
Hard Money is legit.Just more expensive than traditional loans. They provide financing for higher risks with minimal documentation and underwriting requirements for short term needs.
 
Happy funding, Rudi
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August 02 2010
Your best bet will be to do some sort of HELOC on your primary home.  After the investment home is complete, you can refinance to payoff the debt you used to purchase/repair.

Contact one of your local banks and see if they have any options for you in regards to a HELOC.

Good luck!
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August 02 2010
 
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