Real Estate Agent / Investor · Patchogue, NY · Member since 2016 · 22 posts · 0 votes
Hey guys, basically in a nutshell I started my investment company back in February with a focus on wholeselling. Now I have evolved into the house flipping side of things for the bigger returns. I brought in a credit partner with great credit to help get lower interest rates on loans, etc. We have 2 deals that we are planning on closing in the next week, but our HML is only covering 80% of the purchase price on both properties. Where would be good places to look in the private lending world for assistance with covering the remaining costs of the purchase price? have any of you been in the same position? Thanks in advance.
Lender · Hunt Valley, MD · Member since 2016 · 83 posts · 30 votes
10y
Hello Andrew,
I don't know whether you or your partner are business owners but I have several clients that use one of our business loan products for gap money. All I need is 3 months business bank statements and a simple one page application. Funding in as fast as 24 hours.
A lot of our rehab clients set up construction management companies and run the draw deposits through their business account and then leverage the cash flow of the draws to get the additional business line of credit to use as gap money.
Just another way to leverage your cash flow to access more capital.