Easy Street Capital?

Question

I'm a new flipper and everyone wants to charge me 18-20% down.  I have 830 FICO, but The only hard money lender that seems to work with lower downs and rates is Easy Street Capital.  The reviews for them are very mixed... either really great or really bad.... any input?

Stuart Udis · Answer

I am not a lender but if I were, I would be more inclined to lend to the 600 FICO score new investor who is requesting a 60% LTV loan before lending 80% on the same property to the new investor with an 830 FICO Score. The point I am hoping to get across is LTV, experience and liquidity in that order are more important to a successful flip then a FICO score.

Chris Seveney · Answer

20% down is very common if you are new. If you have experience you can get away with 10% down but not if you are not experienced. Some may not even work with investors with no experience on a fix and flip.

John Langston · Answer

Hello Erik,

This does not look correct, are you sure about what you are sayiN? 15 percent down for new? OKAY. I do not THINK SO.

Goodnight ,

Ravi P. · Answer

@Kim Bretz

I'm using them now for a cash out refi. They are slow the processor doesn't communicate.  I got my term sheet on Aug 15th and the closing date has gotten pushed back for a 3rd time. We asked for a second pay off letter which was yesterday Oct 14th and I haven't heard from anyone after sending an email after a status update.

Katie Smith · Answer

Hi Kim! With your credit score you should be able to get a higher LTV unless you're being capped due to location or ARV. It's hard to know without all of the details. Where is the property at?

Erik Estrada · Answer

You can do 15% down on a fix and flip loan as a new investor if you have a FICO over 740.

I know you mentioned that you are working on a cash out with ESC. Is the cash out concurrent with the new purchase closing?

Jake Yuskaitis · Answer

You'd benefit from speaking with a broker that can get you the best deal. My firm does a lot of fix and flips and first time borrowers with that high of FICO should be able to get better than that depending on the details.

Erik Estrada · Answer

Yes sir. I have closed several already. All you need is a 740 credit score or better.

Kate Nixon Taylor · Answer

I have a lender that will go up to 90% LTC with 720 FICO or higher. The ARV will come into play and can cause a cap, but I am happy to run your scenario.

Lets connect!

Cheers, Kate

Jay Hurst · Answer

Kim,

Rehab money is still best local. What market are you looking to borrow in?

Easy Street Capital?

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