Who would you recommend for Fix & Flip Lenders (NJ Properties) ? Currently have discussed Terms with "DoHardMoney", used "LendingHome" Calculator but have not gotten anyone on the phone.
I'm finding that for First Time Flipping, the INTEREST and Initial Fees with Lenders are killing the Profits. How are you to get into this business without "Flopping" financially? The Lenders want Interest, limited Rehab funding and added Point Fees.
@Nailah Diaz unfortunately as a newbie, you have to "pay to play" so HMLs are the quickest path for newbie's to get money. We use LimaOne Capital and have associates who have used LendingHome and I also have a colleague who does HMLs, I'd be happy to send you the contact info.
If your deal is truly a good one, the fees shouldn't be detrimental to a flip so you may want to re-evaluate if the deal is good. We use the 70% rule but I know some others use the 75% rule. For simplicity, if the ARV is $100K then we would make sure our renovations + purchase price are less than $70K. With that level of margin, a few thousand in fees won't kill the deal.
The higher your personal credit score and the more liquidity you have, the better the interest rate. You'll like find that you can get anywhere from 75-90% of the PP funding and 100% rehab funding but you'll have to shop around.
Send me a DM and I will recommend few HML to you.