Hey guys, just looking for a lender recommendation. I just finished my first flip recently and now got it under contract in just a couple of days of listing. Everything is going great, and ive already found the next property to flip that would be a bigger deal than my previous. However, my current house isnt going to close for maybe another 2 weeks, so I'm strapped on cash for a down payment. Wouldn't be able to do 20% down on the purchase price, but i can do 10% down so by the time my current property closes i can go right into the next one.
My current hard money lender only offers 80% ltv at this moment, So i was looking to see if anyone had any recommendations of any lenders offering 90% ltv(or even higher). One thing i should mention is that i currently only have a 1 flip experience level, this would be my 2nd.
Hey guys, just looking for a lender recommendation. I just finished my first flip recently and now got it under contract in just a couple of days of listing. Everything is going great, and ive already found the next property to flip that would be a bigger deal than my previous. However, my current house isnt going to close for maybe another 2 weeks, so I'm strapped on cash for a down payment. Wouldn't be able to do 20% down on the purchase price, but i can do 10% down so by the time my current property closes i can go right into the next one.
My current hard money lender only offers 80% ltv at this moment, So i was looking to see if anyone had any recommendations of any lenders offering 90% ltv(or even higher). One thing i should mention is that i currently only have a 1 flip experience level, this would be my 2nd.
Thanks!
Faiz, if you have 700+ credit, good DTI and /or lower credit utilization, your fast and effective bet may be gap funding via unsecured financing. Closing in 1-2 weeks, no out of pocket expenses, etc. Qualifying is strictly based on you as the individual however, no appraisal/2nd lien on the deal. No collateral whatsoever. This is why credit, DTI etc matter so much on these loans.
If interested in this feel free to DM me to chat further.
Hey guys, just looking for a lender recommendation. I just finished my first flip recently and now got it under contract in just a couple of days of listing. Everything is going great, and ive already found the next property to flip that would be a bigger deal than my previous. However, my current house isnt going to close for maybe another 2 weeks, so I'm strapped on cash for a down payment. Wouldn't be able to do 20% down on the purchase price, but i can do 10% down so by the time my current property closes i can go right into the next one.
My current hard money lender only offers 80% ltv at this moment, So i was looking to see if anyone had any recommendations of any lenders offering 90% ltv(or even higher). One thing i should mention is that i currently only have a 1 flip experience level, this would be my 2nd.
Thanks!
You can get 85/100 if your FICO is good and the loan amount is within 75% of the ARV.