What to Look for in a Lender
I am looking to get some advice on finding lenders for fix-and-flip deals that I want to fund. What should I be looking for in a lender? What questions should I ask other than the obvious? (rates, fees, terms, LTV, etc) Does anyone have a lender they would recommend?
Most of the projects that I would be working on are range on a buy price between 75k to 150k, with ARVs in the 200k range. As I am getting started, I'm looking at rehabs of less than 15k and hold times of less than 90 days. I am planning on doing on most of the cosmetic stuff myself and contracting out anything I am not proficient in.
Any help would be nice.
Thank you!!!
Most Popular Reply
I would look at any lender that will say yes. That can be hard to find these days.
Banks don't really fund fix and flips. They may loan money to buy a property, but then you would have to provide the rehab money. or if you own a property, they would provide rehab money. You need your own money.