In search of HML - new to fix n flip

[Reginald Marcano]

I'm not new to Real Estate by any means but I want to get started on fix and flips here in SoCal but I'm looking for a HML that will work with me for all my deals. I'm a Realtor so I'll be listing the properties myself immediately after rehab, is 100% purchase price + 100% rehab from a HML really that hard to come by? In this LA market, well priced homes don't stay on the market for more than a week or two

I’ve got a rental property with a lot of equity in it but not willing to cash out that equity, in other words I’m trying to do my first deal with as little money out of pocket as possible. 

Any input is greatly appreciated. 

[William Graham Bourn]

Hey Reginald,

Kiavi is by far the best HML for new investors, I have used them for 5 of my flips and highly recommend. The more deals you do with them, the better the terms are. They can close as fast as cash and I have not had any issues! Here's a link if you'd like to check them out: https://app.kiavi.com/rl/0991ca8b9e1a

Let me know if you need anymore help!

[Billy Daniel]

Have you ever taken on a large project like a fix and flip before? Maybe a major rehab on your rental? HML can get very expensive if things don't go exactly to plan. Unless you have a very good network of contractors and a solid understanding of the construction/marketing process, there may be other options.

Have you looked into commercial loans? They require a larger down payment (access your equity), but they allow you to finance your rehab costs. Rates will be better than HML as well, most likely. For the record, I think HML can be a great option. It just concerns me when I see someone looking for them without a strong understanding of the flipping process.

[Bill J Fay]

100% financing is hard to come by in this market. Max leverage most lender's offer will be 85-90%. 

Check out BP's suggested HML's in your area here:

Find a Hard Money Lender - Best Hard Money Lenders Near Me (biggerpockets.com)