Looking for fix-and-flip (or rent) loans
New to Real Estate · Member since 2024 · 31 posts · 12 votes
Looking for fix-and-flip (or rent) loans
Most Popular Reply
Lender · San Diego, CA · Member since 2022 · 235 posts · 94 votes
1yQuote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.
Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Hey Joy, I just sent you a DM, but we can lend up to 90% if purchase, 100% rehab, and rates between 8.5-11.5%
Plus you’re from BP so we are offering zero origination points for your first deal with us!
22 Replies
- 1yRobin SimonBusiness MemberLender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
Hi - I recommend talking to @Zach Edelman on this - Easy Street does both fix and flip (bridge) loans And DSCR Loans so can help in whichever scenario or strategy you pursue - and if you want to do something like the "BRRRR Method" where you fix and then refi - you can do it all with the same person/rep/lender which helps a lot too!
Harpoon Capital514 Reviews - Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes1y
Quote from @Robin Simon:
Hi - I recommend talking to @Zach Edelman on this - Easy Street does both fix and flip (bridge) loans And DSCR Loans so can help in whichever scenario or strategy you pursue - and if you want to do something like the "BRRRR Method" where you fix and then refi - you can do it all with the same person/rep/lender which helps a lot too!
@Robin Simon thank you for the referral. @Joy McQueary sent you a DM!
- Lender · Chicago · Member since 2024 · 88 posts · 24 votes1y
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Hey Joy, I can connect with you regarding the loan. Let me know if there is anything I can help with.
- Lender · San Diego, CA · Member since 2022 · 235 posts · 94 votes1y
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Hey Joy, I just sent you a DM, but we can lend up to 90% if purchase, 100% rehab, and rates between 8.5-11.5%
Plus you’re from BP so we are offering zero origination points for your first deal with us!
Let me know if you’d like more info :) - New to Real Estate · Member since 2024 · 31 posts · 12 votes1y
Quote from @Mary Ainsworth:
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Hey Joy, I just sent you a DM, but we can lend up to 90% if purchase, 100% rehab, and rates between 8.5-11.5%
Plus you’re from BP so we are offering zero origination points for your first deal with us!
Let me know if you’d like more info :)Yes! Would love more information
- New to Real Estate · Member since 2024 · 31 posts · 12 votes1yHi Riley, I explained in my original post. Is there somewhere you'd suggest I look?
Quote from @Riley Poppell:
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Hey Joy, I can connect with you regarding the loan. Let me know if there is anything I can help with.
- New to Real Estate · Member since 2024 · 31 posts · 12 votes1y
Quote from @Zach Edelman:
Quote from @Robin Simon:
Hi - I recommend talking to @Zach Edelman on this - Easy Street does both fix and flip (bridge) loans And DSCR Loans so can help in whichever scenario or strategy you pursue - and if you want to do something like the "BRRRR Method" where you fix and then refi - you can do it all with the same person/rep/lender which helps a lot too!
@Robin Simon thank you for the referral. @Joy McQueary sent you a DM!
Going to check now!
- Lender · Chicago · Member since 2024 · 88 posts · 24 votes1y
Quote from @Joy McQueary:
Hi Riley, I explained in my original post. Is there somewhere you'd suggest I look?Quote from @Riley Poppell:
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Hey Joy, I can connect with you regarding the loan. Let me know if there is anything I can help with.
I do have a couple suggestions for which areas to buy since I am a realtor. I'd recommend Humboldt park and Irving park.
- New to Real Estate · Member since 2024 · 31 posts · 12 votes1y
Quote from @Riley Poppell:
Quote from @Joy McQueary:
Hi Riley, I explained in my original post. Is there somewhere you'd suggest I look?Quote from @Riley Poppell:
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Hey Joy, I can connect with you regarding the loan. Let me know if there is anything I can help with.
I do have a couple suggestions for which areas to buy since I am a realtor. I'd recommend Humboldt park and Irving park.
I meant in terms of loans. Sorry if my response was confusing.
- Lender · Chicago · Member since 2024 · 88 posts · 24 votes1y
Quote from @Joy McQueary:
Quote from @Riley Poppell:
Quote from @Joy McQueary:
Hi Riley, I explained in my original post. Is there somewhere you'd suggest I look?Quote from @Riley Poppell:
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Hey Joy, I can connect with you regarding the loan. Let me know if there is anything I can help with.
I do have a couple suggestions for which areas to buy since I am a realtor. I'd recommend Humboldt park and Irving park.
I meant in terms of loans. Sorry if my response was confusing.
Yeah I am a licensed lender actually so I could help with this. There are good options for fix and flips if you decide to buy in fall and then sell in the spring since the market will be hot then.
- New to Real Estate · Member since 2024 · 31 posts · 12 votes1y
Quote from @Riley Poppell:
Quote from @Joy McQueary:
Quote from @Riley Poppell:
Quote from @Joy McQueary:
Hi Riley, I explained in my original post. Is there somewhere you'd suggest I look?Quote from @Riley Poppell:
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Hey Joy, I can connect with you regarding the loan. Let me know if there is anything I can help with.
I do have a couple suggestions for which areas to buy since I am a realtor. I'd recommend Humboldt park and Irving park.
I meant in terms of loans. Sorry if my response was confusing.
Yeah I am a licensed lender actually so I could help with this. There are good options for fix and flips if you decide to buy in fall and then sell in the spring since the market will be hot then.
Great, is there somewhere with the loan information? I am actively looking for a property
- Lender · Chicago · Member since 2024 · 88 posts · 24 votes1y
Quote from @Joy McQueary:
Quote from @Riley Poppell:
Quote from @Joy McQueary:
Quote from @Riley Poppell:
Quote from @Joy McQueary:
Hi Riley, I explained in my original post. Is there somewhere you'd suggest I look?Quote from @Riley Poppell:
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Hey Joy, I can connect with you regarding the loan. Let me know if there is anything I can help with.
I do have a couple suggestions for which areas to buy since I am a realtor. I'd recommend Humboldt park and Irving park.
I meant in terms of loans. Sorry if my response was confusing.
Yeah I am a licensed lender actually so I could help with this. There are good options for fix and flips if you decide to buy in fall and then sell in the spring since the market will be hot then.
Great, is there somewhere with the loan information? I am actively looking for a property
Add me as a connection and I can send you the link.
- New to Real Estate · Member since 2024 · 31 posts · 12 votes1y
Quote from @Riley Poppell:
Quote from @Joy McQueary:
Quote from @Riley Poppell:
Quote from @Joy McQueary:
Quote from @Riley Poppell:
Quote from @Joy McQueary:
Hi Riley, I explained in my original post. Is there somewhere you'd suggest I look?Quote from @Riley Poppell:
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Hey Joy, I can connect with you regarding the loan. Let me know if there is anything I can help with.
I do have a couple suggestions for which areas to buy since I am a realtor. I'd recommend Humboldt park and Irving park.
I meant in terms of loans. Sorry if my response was confusing.
Yeah I am a licensed lender actually so I could help with this. There are good options for fix and flips if you decide to buy in fall and then sell in the spring since the market will be hot then.
Great, is there somewhere with the loan information? I am actively looking for a property
Add me as a connection and I can send you the link.
Great!
- Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes1y
Hey @Joy McQueary - Try connecting with @Cam Schwartz, he is local to Chicago and is a hard money lender.
I am personally a big fan of Chicago because of all the old multifamly properties and great real estate community that we have. We have buildings all over the city, but are not more focused on helping other investors with renovations instead of our own.
I always suggest partnering with a local lender because they know the market and are doing their own analysis, which is a really good double-checkyour deal. Out-of-state lenders won't also know the Chicago neighborhoods, and I've seen more of those deals go astray than those with local lenders.
Quality Builders4.966 Reviews - Real Estate Investor · Chicago, IL · Member since 2016 · 17 posts · 3 votes1y
@Joy McQueary hey . I noticed you were seeking multi units in Chicago. I have a few for sell both on and off market. Off markets are the best. Feel free to reach out if you’re interested in a great deal. Chris Halsey on FB or dm me
- New to Real Estate · Member since 2024 · 31 posts · 12 votes1y
Quote from @Jonathan Klemm:
Hey @Joy McQueary - Try connecting with @Cam Schwartz, he is local to Chicago and is a hard money lender.
I am personally a big fan of Chicago because of all the old multifamly properties and great real estate community that we have. We have buildings all over the city, but are not more focused on helping other investors with renovations instead of our own.
I always suggest partnering with a local lender because they know the market and are doing their own analysis, which is a really good double-checkyour deal. Out-of-state lenders won't also know the Chicago neighborhoods, and I've seen more of those deals go astray than those with local lenders.
Thank you! Will connect with him
- 1yCam SchwartzBusiness MemberLender · Chicago, IL · Member since 2024 · 102 posts · 48 votes
Quote from @Jonathan Klemm:
Hey @Joy McQueary - Try connecting with @Cam Schwartz, he is local to Chicago and is a hard money lender.
I am personally a big fan of Chicago because of all the old multifamly properties and great real estate community that we have. We have buildings all over the city, but are not more focused on helping other investors with renovations instead of our own.
I always suggest partnering with a local lender because they know the market and are doing their own analysis, which is a really good double-checkyour deal. Out-of-state lenders won't also know the Chicago neighborhoods, and I've seen more of those deals go astray than those with local lenders.
Thanks Jonathan! Totally agree its great to have local lenders, contractors, agents etc. for projects rather than the contrary.
@Joy McQueary I sent you a note, look forward to connecting! - 1yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votes
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Hey Joy,
I highly recommend saving for the downpayment AND reserves. If you are a first time investor, most Fix and Flip lenders will cap you at 80% LTV/ 100% Rehab financed, which is just about the same as a DSCR loan w/o the rehab financed of course.
Another way to approach this is to find an experienced partner, create an entity, and have them be a primary personal guarantor. Since you will also be on the Operating Agreement, you will be able to document your experience, once you decide to venture on your own.
Typically most Fix and Flip lenders want to verify that you have at least 5 fix and flips/holds in the last 3 years to qualify you for a 90% LTV/ 100% Rehab financed loan. Subject to LTC and LTARV restrictions of course.
LuxePrivate Investments LLC 572 Reviews - 1yErik EstradaBusiness MemberLender · Member since 2022 · 6k+ posts · 1k+ votes
Also, on a 5+ Unit MFH deal, be prepared to put a 30-35% down payment. Since this would be a commercial loan, most lenders will require a higher down payment, greater experience, and reserves of course.
LuxePrivate Investments LLC 572 Reviews - Specialist · NJ · Member since 2022 · 1k+ posts · 649 votes1y
Welcome to the REI world! You are making a great decision although it is not as easy as it sounds. How, where, you start largely depends on your credit and your capital.
No reputable lender will let a first timer do a bridge loan (fix n flip) on a 5+ as a first project. Too risky. A thirty year, with 4 of the 5 units rented, and a DSCR greater than 2.0, then maybe.
But this industry is risky. especially in backing new investors. New investors do not know the numbers that well, and they usually wanna bite off more than they can chew. They underestimate the capital needed.
If a new investor has 1 million in an account they can show, then I'd say anything is possible but most people have like 40k - 50k to start and if that is your starting capital you are forced to start a certain way in certain markets. it's all your money can afford.
I have people come to me all the time with big dreams of buying an 8 unit building that cashflows 2500/month and I ask how much money they have and they tell me 20k.
If you have 150k - 200k and you wanna buy some 8 unit building for like 700k and you wanna plunk your entire capital reserves into one deal then go for it but that is the very definition of all the eggs in one basket axiom.
- 1yDaniel SegoviaPro MemberInvestor · Columbus, OH · Member since 2019 · 107 posts · 15 votes
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Let's connect. Happy to hop on a call and discuss your funding options with us.
- New to Real Estate · Member since 2024 · 31 posts · 12 votes1y
Quote from @Daniel Segovia:
Quote from @Joy McQueary:
Hello,
Currently in the market as a first time investor. I am looking for a reliable and licensed lender.
I have been looking for a multi-family and have connected with brokers for deals in both DC and Chicago (I am leaning towards choosing a deals in Chicago) for a 4-unit property. I have also looked at some 5+ at the recommendation from my broker for cash flow.
Originally, I was looking to do a DSCR since this would be a long-term but with concerns about hitting the down payment - I was look at fix and flips (or rents) since I've seen greater LTC financing there.Would love to connect and get the ball rolling as soon as possible as I am hoping to close on a deal soon
Let's connect. Happy to hop on a call and discuss your funding options with us.
Sending you a message! Thank you
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