I've recently found a couple flip properties that would be good investments but I'm currently in the process of buying out some partners on STRs I own and refinancing the properties. Needless to say my funds are tied up at the moment, are there any financing options I could use to still potentially purchase one of these properties? Maybe finding a hard money lender or some other type of option? Appreciate any advice!
Hey Logan, Not sure if you mean zero funds however there are plenty of lenders currently with a decent track record giving 90% on purchase and 100% on the renovation. If you need that 10% then yes I would partner or JV with a private money lender to not miss a deal.
There are hard money lenders who will finance up to 90% of the purchase price and 100% of the rehab done on draws for a fix and flip project. No other income is considered except for the ability to do the down payment and closing costs so not a debt to income (DTI) ratio loan. The options will depend on the borrower's credit and the location of the property. Happy to connect to discuss further.