Updated over 9 years ago on . Most recent reply
1st Flip looking for 100% rehab loans/lines
Hi Guys. Super stoked about our first flip. My girlfriend and I have a few rentals already and want to scale tour business as fast, however as safely, as possible. We are wanting to pursue 3-4 flips this coming year to aid in purchasing more rental properties. I will keep this quick.
We have a "silent" investor that is going to cut us check for the purchase price, no contracts between...we will be using our LLC however to purchase. Since the purchase price is exactly, or very close, to what it will cost to rehab the property, we are 50/50'ing the deal and will fund the rehab on our end. We will have to use hard money/private lending to come up with the needed 70k and would like to have it 100% financed considering there is a ton of equity in the deal. Quick numbers:
Looking to purchase at max 85k
Rehab rough costs: 70k
ARV/Comparable sales 230-269k.
My question to you guys, any 100% hard money rehab lenders that you recommend? I have viewed the lenders in our marketplace but it is considerably overwhelming as we have a lot in there. I simply want to know who you guys have used and have had a great experience to possibly see a trending name among the forum.
Look forward to seeing your responses and hope everyone had a great holiday.
Eric Wheeler
BrilmoreGroup