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Fix & Flip Loans
Posted on 10/16/18 at 6:26 pm
Posted on 10/16/18 at 6:26 pm
I'm looking for a lender who will provide funding for fix & flip properties. Have any of you guys used a lender who specializes in these types of loans or have any recommendations? I've gone to several local banks and some bigger named banks and they didn't have much to offer. I found Lending One online but wanted to see if anyone here has any good experiences with other lenders. TIA
4
Posted on 10/16/18 at 6:28 pm to pcolatiger28
It's called a construction loan.
Posted on 10/16/18 at 6:33 pm to pcolatiger28
quote:
I'm looking for a lender who will provide funding for fix & flip properties. Have any of you guys used a lender who specializes in these types of loans or have any recommendations? I've gone to several local banks and some bigger named banks and they didn't have much to offer. I found Lending One online but wanted to see if anyone here has any good experiences with other lenders. TIA
Because of the risk involved the couple of people I know that do flips use hard money lenders and pay premium interest on the money.
Posted on 10/16/18 at 6:50 pm to pcolatiger28
Unless you're seasoned, you're not going to get anything from a bank. Hard money lenders are usually relatively local. You'll still likely have to put up 10-20% and you'll be paying around 10% on the loan and likely 1-2 points as well. If you have a Heloc, that's a great option as well.
Posted on 10/16/18 at 7:26 pm to nugget
quote:
If you have a Heloc, that's a great option as well.
This. Most flippers either have a business loc with a bank or use funds from elsewhere other than a typical Construction time of mortgage loan like a Heloc.
Eta: also portfolio loans if you own multiple properties. But if you are new then something like a Heloc or personal Line of credit are usually your best option or else you are going to pay out the wazoo for the closing and interest.
This post was edited on 10/16/18 at 7:28 pm
Posted on 10/18/18 at 4:15 am to pcolatiger28
Going to be hard to get a LOC without a GC license. Construction Loans are expensive. Hard money loans are 10% interest minimum.
Get a HELOC
Get a HELOC
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