Hello,

First time investor here. I'm looking at a property that I can get for about $38k that the tax assessor has valued at $64k. Very few renovations will be needed to get it into good condition. I'm hoping the ARV will come in at around $70k.

I realized that I'm in the early stages of acquiring this property but I'd like to have my lender nailed down before this goes much further.

Right now I've contacted my bank to see about a traditional investment mortgage but I'm thinking that a hard money/private lender of some sort will be a better choice since I'm planning on doing a few quick renovations then putting it back on the market ASAP.

I've called a few hard money lenders I found on the web but they all seem to have some requirement that doesn't fit my situation. One only handles properties with a minimum of $75 ARV and most don't service in the McAllen/Mission area.

I'd like to get 2 points with 15-18% interest on 6 months and low misc fees. I'd also like to use my own appraiser or at least be able to appraise when I see fit - not once the lender already has received my app fee. Anyone know any lenders in the area that can help me out?

Thanks,
Dan