Real Estate Investors · Springfield Gardens, NY · Member since 2015 · 15 posts · 0 votes
Hello BP Community!
I'm here once again to pick the brilliant minds of Bigger Pockets professionals!
So we've finally found our first flip (we actually put in an offer on two houses that have great profit potential)
We have our team ready (attorney, contractor, accountant, etc) but we've been shopping around and can't seem to find the perfect lender. (perfect for our situation that is.)
We both are currently not working and formed our own LLC and have been dedicated to Real Estate.
We have about $15K in our bank account from wholesaling and are looking for a HML or Private Lender that doesn't require any down payment.
We unfortunately don't have the resources most people do such as friends or family to lend from.
Here's the specs of our deal: (Our deal is in NJ.)
Purchase: $80K; Reno: $45K; ARV: $220K
Do any of you happen to know a private lender or HML that don't require a down payment?
Lender · Charlottesville, VA · Member since 2013 · 126 posts · 28 votes
10y
Most hard money lenders will lend up to 70% of the ARV. That represents money for acquisiton and rehab expense. If your assumption of the ARV is correct, your $15K may be sufficient. You need to find a hard money company in NY to fund your rehab project. Check Resources,, on the dashboard, above.