Hey there,

My dad is a contractor, but in the last couple of years he has taken up on personal projects in which he purchases run-down houses and renovates them. At the moment, he is interested in taking a mortgage or otherwise loan (I'm sorry, I'm unfamiliar with finance terms and am unsure what to call it ) in which the collateral for the loan is one of these owned properties that he has fixed up. The loan would then be used as capital to invest in new run-down properties. The house that we are looking to take the loan out of is a rental property, and I believe that most banks do not like to give loans on owned properties which the owner does not reside in, am I correct? I'm sorry about the rather vague phrasing, but it's the best I can do to describe our situation at the moment. I supposed to sum it up, we would really appreciate any help on this situation (be it a listing of financial companies who will approve this kind of loan or if this kind of loan is impossible to acquire.)

Thanks in advance!

Andy