Looking for First Position Lenders for Fix and Flip - PLEASE READ -

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Looking for First Position Lenders for Fix and Flip - PLEASE READ -

Tyler Park
Investor · Chicago, IL · Member since 2024 · 11 posts · 12 votes

Hello,

I am looking for first position lenders for my fix and flip deals in the Chicago, Illinois-area. I get my deals through a wholesaler who double closes. I want a lender who is able to fund my contracted price, inclusive of the wholesale fee as long as the numbers make sense. Also, must be able to place funds in escrow prior to A-B funds and underwrites based off my B-C contract.

Thanks,

Tyler Park 

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  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    8mo

    I would consider reaching out to Renovo. They're a well established hard money lender in the space. 

    [email protected]
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  • Matthew Bernal
    Investor · Austin, TX · Member since 2021 · 497 posts · 127 votes
    8mo

    Hi @Tyler Park I work with multiple lenders and would be happy to help. Do you have a deal scenario you can share?

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    8mo
    Quote from @Tyler Park:

    Hello,

    I am looking for first position lenders for my fix and flip deals in the Chicago, Illinois-area. I get my deals through a wholesaler who double closes. I want a lender who is able to fund my contracted price, inclusive of the wholesale fee as long as the numbers make sense. Also, must be able to place funds in escrow prior to A-B funds and underwrites based off my B-C contract.

    Thanks,

    Tyler Park 


     Hey Tyler, 

    Most HMLs will be able to finance this as long as you disclose there is a wholesaler involved. 

    I think the easiest way to close on a double-escrow, is to have the HML cleared for closing and then fund the loan the same day, a-b closes.

    [email protected]818-269-7983
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  • Jennie Berger
    Lender · Chicago IL · Member since 2020 · 357 posts · 229 votes
    8mo

    Hey @Tyler Park Are you looking for transactional funding? Just trying to better understand since you mentioned first position lenders but descibed what I understand to be more transactional. 

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