Trading my homes equity for your Hard money
Hey there BP community,
Christian here,
Quick Question. Can you use your personal homes equity as "skin in the game" in a hard money loan?
I have been trying to improve my credit to a point where i can get the equity out of my home. I will then use my home equity as a down payment to get my hard money loan.
I already got pre-approved for a hard money loan for my first flip but cant come up with the 20% of what i got approved for.
I know its risky considering this is my first flip but i know I am super conservative on my numbers and have done exponential research (about 2 years) on the subject of finance so I would like to believe I know about 5%.
If anyone could help me own I would highly appreciate your expertise.
Thanks.