Are You Looking for Funding for Your Next Flip?
Hi folks,
If any of you are looking for funding for your next flip, you may be interested in this...
I sit on the Board of Advisors for a new company, www.FundThatFlip.com, which just launched in Beta last week. The company is focused on crowdfunded financing for residential rehabbers/flippers around the nation. In other words, you can submit a deal to the company, and accredited investors/lenders from around the country can review your deal and choose to help fund it.
We are currently looking for a couple projects to beta test the system – if your project meets our criteria and is selected, your deal will be funded and your project may be used as a case study for the business (don’t worry, you can stay anonymous if you choose). And the best part (or worst part, depending on your viewpoint), you’ll get to work with me… :-)
Here are the basics of the funding terms and the deal requirements:
1. Rehabber must have documented previous experience;
2. Loan amounts up to $300,000 at 65% LTV (based on ARV);
3. Rehabber must be able to put at least 20% of the purchase price into the deal. No 100% financing. Rehab costs can be financed as part of the deal;
4. We are currently sourcing deals in Maryland, Virginia, New Jersey, New York, and Connecticut, though we'll consider other areas on a case-by-case basis;
5. Depending on the specifics of the deal and the rehabber’s previous experience, terms will range from 12-14% annualized interest and about 3 points upfront.
If you have a deal you'd like to have considered, please visit www.fundthatflip.com, complete the sign up process and follow the prompts to submit a deal. Someone from Fund That Flip will contact you within 24 hours.
You may also reach out directly to me ([email protected]) or directly to the company founder, Matt Rodak, at [email protected]. Matt is also a BP member (@Matt Rodak), so if you have any questions for him, feel free to use this thread (or start another)...
Thanks,
J Scott
