Best money lenders to use

7 Replies

Hey Matt, Welcome to BP!

So I've had success with a mortgage broker vs directly working with a single bank for standard lenders. The mortgage broker should be able to shop around and find the best deal that fits what you're looking for. The challenge will be to find conventional lenders that will loan on a house that 'needs work'. Depending on the amount of work needed. For easier things like updating the kitchen, bathroom, flooring, paint, etc. they should still work. For purchasing homes that wouldn't pass their inspections it may be tougher to find lenders that will finance those homes. You might be able to do some research on FHA 403(k) loans. The process is a bit longer but in the end it may be worth it for the better rates.

On the Hard money side, there are a number of hard money lenders that you should be able to find here on BP.  They'll do anything from 80-90% purchase, and 80-100% of the rehab depending.  Of course their rates are higher but if the numbers work, then it's a deal.

PM me if you have any questions!

Best of luck!

That's a very broad question. Are you going conventional or hard money? Where will you be flipping? What will you be flipping? These are just a few of many questions that might determine what kind of lender makes sense for you.

Originally posted by @Matt McDermott :

Hey all. I am new to flipping and was wondering who the best lenders to use are the the lowest rates ? Any info would be greatly appreciated

Hard money for flipping can be a localized game. If you haven't done this before, you should start going to meet-ups and REIA's in your area. You'll meet lenders and other people that can help you. There are nationwide lenders as well, but staying local with people that know your local market can keep you out of trouble when it comes time to exit. They may give you advice on values and keep you from making too high of a purchase price. In what states are you looking at flipping?