Home improvement financing...S&R

735 Views | 1 Replies | Last: 5 yr ago by Gary79Ag
BigCountryAg
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AG
My wife and I are looking into doing a pretty substantial renovation on our home that was built in 1980. Looking to add 1000-1200sf and modifying existing space pretty extensively to bring it into the modern era. Will need around $125-$150K.

I've been in the building business my whole life and in my previous career I owned a custom homebuilding company for about 7 yrs. I've done 100% of the improvements on this house so far by myself...but I just turned 48, I'm tired and it's getting old and taking far too long. Besides that, there are just far too many fish to catch at the coast that need my full attention.

I am all too familiar with the building side of things as well as new-construction interim financing but financing for a substantial home improvement project is different and I'd like to deal with a lender that knows that process.

Once the improvements are complete I want to refi our existing mortgage and the HI loan into a single mortgage loan. Have good credit and should have plenty of equity in this property to make this work just don't quite understand the best way to make it happen.

I'm in the Liberty Hill, NW Austin area and would prefer to work with someone local if possible but these days, that may not be necessary.

Looking for guidance on this matter...thanks in advance.
"Give a man a fish and you feed him for a day...DON'T teach a man to fish, and you feed yourself. He's a grown man...and fishing's not that hard" - Ron Swanson
RK
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AG
You may get some good replies here, but post this on the Real Estate board also if you haven't already...lots of lenders over there who can likely assist in answering your questions.
Gary79Ag
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AG
Was going to recommend SteveBott, but see y'all are already in discussions on the OB thread...good guy!

And good luck!
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