Funding My First Flip

8 Replies

Hello, Forum! I have been interested in flipping a property for years, and a brand new listing popped up that I know would be my perfect first flip. My problem is, no one, and I mean no one, is willing to approve a hard money loan to a first time flipper.

Please, please, please don't suggest a private loan from friends or family, or a home equity line of credit. If either of these options were available to me, I would not be seeking a hard money loan. I am looking for funding to purchase and rehab the home. I don't have much cash to tie into the deal myself. Can anyone suggest a lender willing to work with beginners with no flips under their belt yet? We all have to start somewhere.

Any suggestions you could lend would be much appreciated.

Have your entity paperwork ready and your proof of funds.  They are a little expensive but once you get one under your belt it is much easier to do others.  they lend up to 90% LTC.  Good luck!!

I decided to hold onto the property so now I am looking for a lender to refi the deal in my LLC. Once I can secure a long term loan for that property, I will then use Anchor again to fund my next deal.

JMA

Yea, sounds like you found the wrong ones...there are many who lend to inexperienced investors, try Lima One capital,