Updated over 1 year ago on . Most recent reply
Do hard money lenders care where a DP comes from?
Just got denied lending from a supposed HM lender due to the source of the down payment coming from a personal loan. I understand the risks, regarding the method of using a loan to get a loan, but was told that Hard Money will overlook that if the deal lines up. I've run dozens of calculations on this flip deal. When it closes not only will I be able to pay the HM loan off but I would also plan to pay the personal loan off and still walk away with a decent profit. Should I explore other hard money options or is this a roadblock Ill continue to face?