Looking for a Fix n Flip Lender for a project in Nor Cal
Hi BP folks,
I am looking to do my first flip project and wanted to see if any of you could recommend a lender that can lend on both the purchase price plus rehab costs. Generally, I'd use my own cash or one of my HELOCs but I recently purchased my latest primary residence which has tied up most of my cash. This deal is too good to pass up and am considering all options to get this closed.
Some details on the subject property:
- Potential purchase price: 675k
- Rehab costs: 100k
- ARV: 950k-1MM (Redfin.com says 1.160MM, Zillow says 987K).
I have about 121k I can use however I see fit. I am also wondering if I should ask they'd consider owner financing, and then pay them off after I flip the house.
Since this is my first project, I would truly appreciate any and all feedback.
Thank you!