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Updated about 10 years ago on . Most recent reply

User Stats

37
Posts
3
Votes
Gary Fischer
  • Real Estate Investor
  • Parker, TX
3
Votes |
37
Posts

Reasonable Hard Money Lenders..Suggestions?

Gary Fischer
  • Real Estate Investor
  • Parker, TX
Posted

I've just gotten into flipping and unfortunately don't have the means to go all cash now but have excellent credit, experience in long term rentals, assets, and I need a reasonable hard money lender to work with. I'm closing on a house for $160,125 that is move-in ready. A reasonable estimate is $270k on the current condition. Rehab is not required but I want to change the house with a rehab in the $30k-$50k range. I may only increase the value the cost of what I put in but it will make the house sell faster. I'm being quoted in the range of 13% on hard money and that seems high. I won't be in this house more than 6 months max...I will get it done and have it sold. I am looking for quick close hard money for the property. Any suggestions appreciated...Currently have 6 mortgages, A primary residence...4 long terms rentals, one of which is about to go on the market and an investment/second home/vacation rental. Appreciable equity in all except the vacation rental which is about $740k right now and owe about $650k. 

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