Wichita, KS · Member since 2015 · 2 posts · 0 votes
I m a new investor. So new that my partner and I are purchasing our first rental prop this week... That is exciting and positive! On the drawback side, we received our first denial for flip financing from my bank. We have some cash and availability with one mortgager to finance long term purchases. But no access to flip financing at the moment. Basically one partner has a strong rating and the other does not. The traditional banking option is likely not an option for year or two( if both partners in the LLC are required to be on the loan). So, I need advice and wisdoms regarding the other hard lending options out there... thx ahead of time BP members!!!
its far and few between that you can find a bank that will do flip funding.
you must be exceedingly strong financially I mean to the point the bank feels that if you goof up the flip you have other means to pay them back and that their security is not just in the asset like most loans.
I have had 7 figure flip funding lines for going on 20 years now it took me 10 years with the same banker to get to that point.. we started with 100k and ended up at 15 million at one time.. but it was over the course of Many Many years.. and super strong financials and income.
We started with HML and private money.. although to be fair I owned the Hard money company LOL.
Real Estate Agent · Wichita, KS · Member since 2013 · 12 posts · 6 votes
10y
Hello Lonnie
I have a lender in Wichita that will lend on flip properties and they don't require income statements or great credit. If you are interested private message me and I'll give you further information.