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Updated about 6 years ago on . Most recent reply

User Stats

39
Posts
11
Votes
Mike Stadel
  • Flipper/Rehabber
  • Rapid City, SD
11
Votes |
39
Posts

Hard money lender for spec home

Mike Stadel
  • Flipper/Rehabber
  • Rapid City, SD
Posted

Does anyone have a suggestion for a hard money lender to put up I spec house. The loan would be around 250k. As you can imagine banks are not willing to play ball with all that’s going on. And to add to the mix it is my first spec, I am not a stranger to construction. I am an active flipper and have been doing it for a yr n half. I’m looking to expand to specs as a GC to compliment the flips because the inventory is pretty used up and competition is fierce in my town when they come up. Banks here don’t seem to understand or maybe care that when there’s nothing to buy there is no work and hence no income. I am in Rapid City, South Dakota FYI

Thanks for any input

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