Hard Money Loans Details needed

[Kamilla Ilishayeva]

Hello Everyone,

I've been doing my research and looking into all avenues. I understand there are different investors and hard money lenders are one of them. If I am not mistaking there are hard money lenders who will lend with no downpayment. Is that correct?

If so, what is the difference between the Lenders who require a downpayment and one who doesn't. 

I want to go for my first flip before the year is up. I have a contractor who is ready to work and a few properties in mind.  Now I am trying to get the financial end figured out.

Thanks in Advance! 

[Jason D.]

@Kamilla Ilishayeva I hate to be the bearer of bad news, but it's very unlikely to find a hard money lender that cover, up front, 100% of your project. Even a "0% down payment" HML is going to require that you have a good chunk of money available. Nearly all HMLs reimburse for renovation, meaning that you have to pay the costs up front. Even the smallest of Hard money loans will cost you several to tens of thousands of dollars. The good news is that it doesnt have to be YOUR money... you can borrow the down payment, via personal loan, friends, family, etc... to make the deal work. There are ways, but they will require capital.