Updated over 7 years ago on . Most recent reply
Chicago Hard Money Lender for 1st Timer
I'm looking to get into flipping houses. I'm a first timer. I've done some research on dohardmoney, other hard money lenders, and I've thought about going through a traditional loan through a mortgage company. I'm not sure the best route to go. I don't have a ton of cash on hand, but I could do 10%. Looking for any advice. I'm really eager to get into the business.
Most Popular Reply
@Scott W. it's probably not a conventional loan. I was a mortgage underwriter for 14 years doing conventional and jumbo loans and no one offers a flip loan.
Maybe it's a community bank, or someone that doesn't sell to the secondary market.
@Brandon Jackson there's plenty of hard money lenders out there that will lend to a first timer. But you might have higher interest rates or lower LTV that you can borrow. And there's a few that will do 90% of the purchase price and 100% of the repairs.