In search of Hard Money Lender in NC

Greensboro, North Carolina
Buying & Selling Real Estate
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In search of Hard Money Lender in NC

Ryan Luke Thomas Klamer
Kernersville, NC · Member since 2019 · 24 posts · 11 votes

Hi I am searching for a hard money lender.  I am in North Carolina, Winston Salem.

I bought the property I am renovating at $175,000 and owe about $160,000. 

I need $50,000 for repairs and the arv is $350,000. I have done flips in the past with friends but this is my first one under my name.  My credit score is around 580. This will be a very quick flip as I already have a good deal of The work done. 

If anyone knows hard money lenders that will work with first time flippers send them to me please. 

If any questions contact me and thank you! 

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Michael Kinsella
Lender · Member since 2018 · 617 posts · 275 votes
4y

Two good starting points...

1. BiggerPockets --> Network --> Hard Money Lenders --> Filter by state to NC

2. Local REIA events where you can network with other investors and local HML reps.

You'll likely need to speak with more lenders given that you're a first time flipper.

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  • Matthew CrivelliBusiness Member
    Lender · MA · Member since 2021 · 1k+ posts · 1k+ votes
    4y

    You bought a property for 175k and you owe 160k or 91.5% of the purchase price? Is the as-is value of the property (not ARV) higher than 175k? When did you purchase this property?

    I'm just trying to understand what is going on. @Ryan Luke Thomas Klamer

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  • Ryan Luke Thomas Klamer
    OP
    Kernersville, NC · Member since 2019 · 24 posts · 11 votes
    4y

    Yes sir. I purchased property in 2020 for $175,000 And currently owe $160,000. 

    0Reply
  • Michael Kinsella
    Lender · Member since 2018 · 617 posts · 275 votes
    4y

    Two good starting points...

    1. BiggerPockets --> Network --> Hard Money Lenders --> Filter by state to NC

    2. Local REIA events where you can network with other investors and local HML reps.

    You'll likely need to speak with more lenders given that you're a first time flipper.

    2Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    4y
    Quote from @Ryan Luke Thomas Klamer:

    Hi I am searching for a hard money lender.  I am in North Carolina, Winston Salem.

    I bought the property I am renovating at $175,000 and owe about $160,000. 

    I need $50,000 for repairs and the arv is $350,000. I have done flips in the past with friends but this is my first one under my name.  My credit score is around 580. This will be a very quick flip as I already have a good deal of The work done. 

    If anyone knows hard money lenders that will work with first time flippers send them to me please. 

    If any questions contact me and thank you! 


     Hey Ryan, 

    Do you have this property under an LLC?

    [email protected]818-269-7983
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  • Ryan Luke Thomas Klamer
    OP
    Kernersville, NC · Member since 2019 · 24 posts · 11 votes
    4y

    Hi it’s under my personal name.  I have a sole prop that I could transfer it under

    0Reply
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