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Private Lending & Conventional Mortgage Advice

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Kyle Pierce
  • Flipper/Rehabber
  • Lehi, UT
64
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86
Posts

What's the best way to find private money lenders

Kyle Pierce
  • Flipper/Rehabber
  • Lehi, UT
Posted Nov 8 2017, 15:24

My partner and I currently have 3 flips on the market, 2 under rehab, and 1 in the pipeline. We're trying to scale and need help funding our future deals. My question is what is the best way you have seen to get funding for rehab/purchase price aside from hard money. Hard money is great but as you know it gets expensive. I know private money and getting private lenders is key to scaling. I have been Networking at meetings and talking with family and friends and that has helped.

Also, how hard is it to get a business line of credit from a local bank. If they saw a year of successful flips and a good profitable PNL are they likely to give a line of credit? If I go to them with 50-100k in the bank would that also help or are they typically wanting to see much more than that?

Right now we're flipping and wholesaling homes near the Salt Lake City area.

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