Borrow to upgrade

[stargazer]

Hi all

If you purchase a property run down say at $200,000 borrow the lot, other than doing it up first then revalued.

The lender will lend the purchase price so is there a way to get the extra say $15000 for some reno work.

Cheers
BC

 

[TheCamel]

so, you're basically looking at a property worth 200K, and you want to borrow the full amount. does that 200K include closing costs ?

then do a reno, costing 15K


find another lender.. draw down some equity on an existing property ?

Speak to a broker.. ?