What does it take to get a 'rehab' mortgage to purchase a building?
December 8, 2007 7:44 AM 
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What does it take to get a 'rehab' mortgage to purchase a building?
I am looking into buying a rental property that was being renovated but went into foreclosure before the renovations were finished. Assuming that for $X amount of loan, the rent would cover the mortgage and maintenance: what would a bank want in order to obtain a loan to rehab and purchase the property? Down-payment? Business plan? Income?
