Professional · Clifton, NJ · Member since 2017 · 3 posts · 2 votes
Hello my BiggerPockets family,
I currently have a deal that a wholesaler has brought to my attention that fits the criteria I have been looking for in Neawrk.
Property details:
Asking price $120,000
rehab cost $45,000
after repair value $250,000
I'm looking for a lender that will finance 90% of the purchase price and 100% of the rehab. I have tapped into the hard money lenders on BP's available resources however they are requiring 3 flipped deals has experience which I currently do not have.
Albert we fund first time flippers however as you will find with most lenders hard money or otherwise without experience risk goes up as do requirements.
In your case we can definitely fund deals like yours however for the first one you would be closer to 25% of purchase price no 90% but 100% of rehab. Interest at 10.99% a 12 month term and anywhere from 2-4 points.
If you are interested we can get a quick app done email me at [email protected] and we can get you a funding answer in 24 hours with a 2 week closing timeline.
We look at credit, experience and liquidity to determine rates and lending structure. You may qualify for a acquisition and rehab line of credit based on 3-10X your liquidity. Ill PM you.