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Short term loan for new home reno

1,027 Views | 4 Replies | Last: 7 yr ago by texrover91
Steve McQueen
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AG
Long story short, what we originally contemplated as a "face lift" for our new home has transformed into a bit more of an effort in prepping for what might be our forever home.

I was meant to keep ahold of our current home and rent it out long-term. Now bids are coming in for the new place (both face lifts and forever home) and I'm in a spot where I probably need access to the equity in my old home to cover forever home type renovations.

I close on the new home soon and start renovations right away. If we do the full forever home effort, it will almost start eating into our emergency fund (which I'm not keen to do).

What are my options for securing cash if renovations finish before the sell of my new home? Thinking less than $50k for 2ish months.
The Wonderer
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AG
Personal line of credit.
bennyboobooboo
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AG
@Steve

Is the new home unlivable without the renovations?
Steve McQueen
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Livable during facelift effort.
Mostly unlivable during forever home renovation.
Jay@AgsReward.com
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Sponsor
AG
There is a conventional loan product that allows you to finance the renovations based on the updated value up to 95%. So, you can generally finance the majority of renovations at just rates very close to conventional rates without the renovation.
texrover91
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AG
Leverage your securities with a line of credit and repay at permanent financing - should be your best rate or = to, without a lot of fees
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