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Financing a renovation of a house in a different state?
December 3, 2012 8:13 AM   Subscribe

How to finance home renovation? I am an absentee co-owner of a property on the West side of Portland, Oregon. My brother and I own it outright, but I'd like to make a plan on the finances of improving it. Neither owner lives in Oregon. Cry me a river, right? But I need help.

The house needs work (siding, maybe roof) before it can be insured (according to one insurer).
Additional interior improvements are on the list.

The property is valuable but the house not so much. I'd like to improve the house and its value.
What lenders and options are there for non-domicile loans when it is not insured? I'd like to work with a credit union but the non-residence would be a hurdle, I think.

I plan to move in to the house in the next few years and that would open up other options.

What are the best possibilities for a small loan to get the short-term work done until then?
posted by Glomar response to Work & Money (3 answers total)
 
You might want to check into peer-to-peer lending sites like LendingClub.
posted by Dansaman at 8:16 AM on December 3, 2012


You can take out a line of credit on the property or a mortgage that secured by the property. Your Brother would have to agree, although he wouldn't have to be liable.
posted by Ruthless Bunny at 8:18 AM on December 3, 2012


The house needs work (siding, maybe roof) before it can be insured (according to one insurer).

Talk to an independent insurance broker. It seems unlikely to me that a home that is livable is flat-out uninsurable; you've just run into an insurer who's trying to be picky (that's their right, they need a portfolio that will pay off).

There's also this last-resort option.
posted by dhartung at 3:02 PM on December 3, 2012


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