Hard money loan for a flip already acquired and started

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  • Greg Kasmer
    Rental Property Investor · Philadelphia, PA · Member since 2021 · 774 posts · 501 votes
    10mo

    @Heather Ann Sherrill - There are several "hard money" lenders you may want to consider. I would search for "hard money" in the forums and read through the general feedback from a few to see who you might want to talk to. Good Luck!

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  • James JonesPro Member
    Investor · Collierville, TN 38017 · Member since 2017 · 693 posts · 511 votes
    10mo

    You can get this funded, but you’ll need a lender who’s comfortable stepping in mid-project. A lot of hard money lenders won’t touch a deal once demo has started because they can’t verify the scope or what’s been done so far, but the ones who do this regularly will just underwrite it as a “rehab in progress.”

    Here’s your best path:

    1. Local private lenders in New Mexico
    These are usually the most flexible with mid-project takeovers. Search for small private lenders or investor groups in Albuquerque and Las Cruces, they fund Roswell deals all the time.

    2. National lenders who allow mid-rehab loans
    Look for lenders that advertise:
    • “Fix & Flip Lite”
    • “Mid-construction loans”
    • or “Project takeover financing”

    They’ll fund based on remaining rehab + current value, not just purchase price.

    3. Be ready with documentation
    Any lender will want:
    • your scope of work
    • before/after photos
    • receipts for work already done
    • remaining budget
    • exit plan

    The cleaner your package, the faster someone will step in.

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  • Frankie VozziBusiness Member
    Member since 2025 · 346 posts · 87 votes
    10mo

    Hey Heather I sent you a Dm! Let's connect.

    [email protected]516-888-7750
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  • Ekaterina Lansky
    Real Estate Consultant · CA · Member since 2024 · 32 posts · 5 votes
    10mo

    Let's connect! Will DM you!

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    10mo
    Quote from @Heather Ann Sherrill:

    We purchased a property in Roswell, NM and need an investor/lender to help with funding to complete the flip.  Does anyone know of any resources we can reach out to and discuss the details with?

    @Heather Ann Sherrill Did you locate a lender yet?

    [email protected]818-269-7983
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    • Heather Ann Sherrill
      OP
      Member since 2025 · 2 posts · 3 votes
      10mo
      Quote from @Erik Estrada:
      Quote from @Heather Ann Sherrill:

      We purchased a property in Roswell, NM and need an investor/lender to help with funding to complete the flip.  Does anyone know of any resources we can reach out to and discuss the details with?

      @Heather Ann Sherrill Did you locate a lender yet?


       No, we haven't found anything yet.  We've been told many times that the project does not meet their guidelines in one way or another, or the amount of needed capital is too small.  

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    • Jay HinrichsBusiness Member
      Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
      10mo
      Quote from @Heather Ann Sherrill:
      Quote from @Erik Estrada:
      Quote from @Heather Ann Sherrill:

      We purchased a property in Roswell, NM and need an investor/lender to help with funding to complete the flip.  Does anyone know of any resources we can reach out to and discuss the details with?

      @Heather Ann Sherrill Did you locate a lender yet?


       No, we haven't found anything yet.  We've been told many times that the project does not meet their guidelines in one way or another, or the amount of needed capital is too small.  


      most all in the business HML have minimum loan sizes.. can you give some details on what your working with that could help you with finding someone here on BP.

      Purchase Price

      rehab

      Arv  

      And if you bought it already does that mean you paid cash and your just looking for rehab money ?  If so that could be the issue loan to small. Roswell to rural. 
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    • Erik EstradaBusiness Member
      Lender · Member since 2022 · 6k+ posts · 1k+ votes
      10mo
      Quote from @Heather Ann Sherrill:
      Quote from @Erik Estrada:
      Quote from @Heather Ann Sherrill:

      We purchased a property in Roswell, NM and need an investor/lender to help with funding to complete the flip.  Does anyone know of any resources we can reach out to and discuss the details with?

      @Heather Ann Sherrill Did you locate a lender yet?


       No, we haven't found anything yet.  We've been told many times that the project does not meet their guidelines in one way or another, or the amount of needed capital is too small.  


      What is the loan amount size?

      [email protected]818-269-7983
      LuxePrivate Investments LLC 572 Reviews
      WebsiteView Page
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  • Deborah Wodell
    Lender · Sanford, NC · Member since 2024 · 348 posts · 117 votes
    10mo

    What is the loan amount needed? 

    0Reply
  • Sheridan Skrobanek
    Member since 2025 · 12 posts · 3 votes
    10mo

    Heather — mid-project funding is a weird pocket in lending, so don’t feel discouraged.

    Most declines aren’t personal — they’re about underwriting boxes.”

    To give you the clearest path forward, you’ll want to clarify three things:

    1. What stage the project is actually in

    • Demo complete?

    • Any systems touched yet (electrical, plumbing, roof)?

    • Is the property secured?

    2. What numbers you’re working with

    • Purchase price

    • Rehab spent so far

    • Remaining rehab budget

    • Estimated ARV

    3. What you’re actually trying to finance

    • Only rehab?

    • Or a full refinance + rehab?

    • Or a project-takeover loan?

    There are lenders who fund mid-rehab takeovers, but they all underwrite based on:

    • remaining rehab,

    • current value,

    • and exit strategy.

    If you share those basics, people here can point you to lenders who actually do this type of deal so you stop getting auto-declines from the wrong category.

    Happy to help you sort it out if you want, just let me know.”

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