CREDIT UNION OR HML (HARD MONEY LENDERS)

5 Replies

We have a VA loan on our primary house and looking to buy a house to flip (possibly brrrr) that is one street over. I can't help but consider the convenience of the close proximity. BUT, 25% down would put us near the top of our budget and there are many cosmetic updates needed for the value add, I have the tools and know how, we have done two live in flips. We could put materials on the Lowe's card but curious would a credit union consider less than 25% down or is that only likely with HML (hard money lenders) ? Thanks
Originally posted by @Kevin Vest :
We have a VA loan on our primary house and looking to buy a house to flip (possibly brrrr) that is one street over. I can't help but consider the convenience of the close proximity. BUT, 25% down would put us near the top of our budget and there are many cosmetic updates needed for the value add, I have the tools and know how, we have done two live in flips. We could put materials on the Lowe's card but curious would a credit union consider less than 25% down or is that only likely with HML (hard money lenders) ? Thanks

We've done lots of 15% down conventional loans on investment properties that kick the snot out of HML. Has nothing to do with credit union or not.

@Kevin Vest Network with some local investors and ask them who they use for funding. Here in Cincy, there are a couple of banks everyone uses that offer flip loans. Or call and ask different banks, typically it will be the smaller community banks and credit unions

Price shop.  Rates and programs are constantly changing.    

There is a local CU that is interested in building their over 5 unit portfolio and their programs are better than the 4 unit or less conventional. 

Thanks everyone, and I will be in touch @Chris Mason

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