Financing in Portland>Question Details

craig_r_smith, Home Owner in Portland, OR

Temporary financing needed for remodel project

Asked by craig_r_smith, Portland, OR Thu Jun 7, 2012

Need some help/advice from the community! Recently had a fire so home is being repaired. While the restoration work is being done, would like to do a full blown remodel. My wife and I weren't planning on the remodel for several years, so we don't have the cash needed today. Can't get home equity line or loan as we have repair work on-going. Current mortgage company has an escrow account with insurance dollars earmarked for the restoration piece. I've looked into 203k loans and they don't fit the bill (primarily because of the $417k loan limit). We have great credit scores. My personal desire would be to maintain our current mortgage, find some sort of "bridge" loan, then refinance once the remodel is completed.

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Answers

5
Craig,
You already have insurance money to replace (cabinets and appliances cannot be fixed) so what more do you need to do? With the insurance money your are remodeling the house so you should figure the budget for what you wish to do and then minus the insurance money.
0 votes Thank Flag Link Fri Jun 8, 2012
thanks for the contact info! And Margery, I fully understand the "buyer beware" statement. Thanks again.
0 votes Thank Flag Link Fri Jun 8, 2012
you're welcome! I wanted to help but of course this is open to everybody so wanted to be really clear! please update and let us know if you were able to work it out, I'd love to hear. good luck!
Flag Fri Jun 8, 2012
I just remembered something else, there's a new conventional product that some lenders offer that's similar to a 203k repair loan, but not FHA and without the $417k loan cap. I don't know if there's a cap on this one, so you'd need to research it. I heard about it from Paul Martinez, Prospect Mortgage, (503) 974-4242.
0 votes Thank Flag Link Thu Jun 7, 2012
I think Kevin Schmidt at the locally-owned Summit Mortgage has some "off the grid" financing options that might work. His website is below, contact is 705-5014.
I get industry emails from private money companies all the time, so you might want to try that but its going to be expensive money to borrow. But if it fits what you need, then it might be worth checking out. I would definitely do lots of research on any company offering it, because there's companies you wouldn't want to do business with. I don't know anything about this company, good or bad, but I get emails from them regarding their services. This is NOT meant as any kind of recommendation so do your own due diligence, but their name is Precision Capital Private Money, out of Eugene, OR, phone number: 541-485-2223. Best to you, Marge
0 votes Thank Flag Link Thu Jun 7, 2012
Might want to contact:

Corri Klebaum | Mortgage Advisor | MLO 211442

P 503-496-3838 | F 503-496-3839 | M 503-975-5005

She's with Alpine Mortgage and might be a good answer lady ;-)

Carla Muss-Jacobs, Principal Broker/Owner
EBA Portland, LLC
Exclusive Buyer Agency since 1999
0 votes Thank Flag Link Thu Jun 7, 2012
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