Need advice for a hard money loan

3 Replies

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!

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?