Hi. My wife and I own outright a 3 family Williamsburg house we bought a little over a year ago. We’ve got some renovation issues and need extra liquidity. Given the profile of the building, what would be our best avenue to finance the work outside of the 203K route? Ideally, i’d like to take out a small mortgage, around $100K. I have excellent credit, decent income, and own the building completely. Any advice?


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  1. OHHH violations… the plot thickens. Depending on the violations you may or may not be able to get a loan. It depends if they will affect title.

  2. We’re living in the house–we are the only ones–and by the time the appraiser gets there, it will be painted with most fixtures in place. It’s no show piece but it’s not a wreck. I’ll spare you of how I got to this point, but my primary issue is we got hit with a stop work order due to a plumber who never pulled the permits he was paid to pull. I need the liquidity to deal with fixing the violations

  3. Petebklyn- If the house is in disrepair it will be difficult to pass the appraiser inspection to get the HELOC. You may get away with it IF the bank/lender doesn’t do a full appraisal but instead a drive by or a property inspection waiver.

    bobjohn- All the major banks offer unsecured lines. TD bank was offering 7.9% up to 50k last I checked, Chase and Citi also do.

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