Finding a lender for a fix and flip project

[Anthony Holloway]

My partner and I are looking into buying our first investment property, fix and flip in Southern California. We are at the early stages and are working to network and secure financing. Any and all information and advice would be of great help!

[Tamara Deering]

Chances are you will be using a hard money lender for your first flip.  Attend networking meetings and meet the players, normally there are several in any given market and they will sponsor events.  Once you have a lender you like, ask for a list of their past clients and call them.  You want to ensure that the firm is reputable, and how easy and quick the draw process is in addition to getting a feel for how they are to work with in general.  Also, stay away from any lender that has a non-refundable fee to process an application, most should refund at least half of your deposit if you don't qualify.  Also, the whole fee should be applied to the loan if you do qualify.