Hello biggerpockets fam I need some advice. I found a property that i think will be a great investment and a hard money lender that will loan the money. The only problem is i would have to show a bank statement with 45k in it in order to get the funds. I dont have that, but I do have a 740 credit score and a high income w2 job.
The house I am looking to acquire is 175k and arv is 260 - 270k. With about 30k for repairs (maybe less).
What are some ideas or ways I can get around the 45k in the bank? Is that typical for a hard money loan to require? Thank you in advance for the help!
Why do you need a hard money lender?
You’re never going to get a HM loan without a decent chunk of cash….how are you going to carry the property, make loan payments, pay for Reno costs above any loan for it, etc?
45k liquid sounds about right for the numbers as you presented them. I am assuming you are at around 80% LTC