Renovation loans - additional cost and time?

I am looking to renovate at townhouse in Crown Hts/Bed Stuy, to rent and possibly occupy some day.  I have been assuming $300k (and 6 months) to renovate, assuming the usual “good bones but neglected” status.  I was hoping to renovate with cash, but am now considering getting a renovation loan.  Does anyone know how much the hoops one must jump through with a renovation loan would increase the time & cost to renovate.  (I am not a builder or contractor.)

slackjaw

in Brownstoner Renovation 12 years and 4 months ago

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oxxieconcept | 12 years and 4 months ago

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Yeah I also agree with  Adam You don’t do a 203K loan. If you want to know more about all this then Visit the given link :-http://www.oxxieconcept.com/

adam_dahill | 12 years and 4 months ago

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You can’t do a 203k loan if you are not going to occupy it as your primary residence. You will sign an affidavit at closing stating that you will move into the property within 60 days of completion. You may be able to find bridge money aka hard money but you will pay higher rates and points and need at least 50% down,

jockdeboeraia | 12 years and 4 months ago

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203 are the way to go unless you have the cash to spend.

7andfive | 12 years and 4 months ago

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I’m currently in the process of renovating with a loan from Wells but it’s a 203K. I know your question is more loan specific but I wish I had talked to more people who went through the process- it would have saved me weeks! From finding the right architect, expeditor etc. And if you’re working full-time I strongly suggest you get a project manager (one that does not have a relationship with contractors). Email me- I’ll be happy to answer any questions. 7andfive@gmail.com

cate | 12 years and 4 months ago

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If you have the cash, it will definitely be cheaper and you will have your pick of contractors and architects — but not necessarily faster. The loan itself costs slightly more. Check with Wells Fargo, which does construction loans, for more details.