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Updated over 5 years ago on . Most recent reply

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Meora Weingarten
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Down payment funding options

Meora Weingarten
Posted

Hi everyone,

looking for some funding advice. I have been an interior designer for the last 3 years. I just found a great home for my first flip in NJ and would like to make an offer. The cost of the home is about $90,000 dollars, repairs about $30,000, and ARV $170,000. I got pre-approved by a hard money lender for 75% of the total cost. They gave what I think is a good rate, 10% and 2 points.

With them only funding 75% of it, there is still about $30,000 dollars I need to come up with. My question is, is there a way to get funds from multiple sources, and if yes, how? Does anyone have any advice on where to get the last 30% from?

Thanks in advance!

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