Fix and Flip Loan Lender Changed Need Help ASAP. Help Now. thk

[Fred Shatzoff]

Lender changed guideline have all docs.  They were 90% of cost.  Investor has the assets has done 3 loans has rental properties.   This is a good deal.  Purchase Price $67,000, $84,675 Appraisal is $205,000.  Need help ASAP.   This is a fix and flip loan

[Dane Fitch]

Fred this will be the new norm.  80% of the purchase price.  Still provide rehab funds.  Probably will turn down extensive rehab unless you have 10+ flips under your belt.  points and fees around 2-3 and rates around 10%.  With these small loan sizes you'll also hit a hefty minimum origination likely around 4K.  Honestly investors should be getting price reductions themselves.  This stuff rolls downhill.  Sellers for sure understand the market is changing.  If it's a killer deal (and if you are buying right now it better be) it's worth the additional lender costs.