Hard Money Loans and Flips
Hi all,
Something I don't fully understand. I've been studying up on hard money loans, and from what I understand a lot of the time when you try to get one, you won't get the full amount. That's fine, you have to have some skin in the game and all that. What I don't get, though, is why can't you request a hard money loan for a down payment on a flip for a conventional loan? For example, say I have either enough money for either the down payment or for the rehab costs, but I cant' fund both. I'd have my own money at risk as well as the lenders. From what I've read, this isn't possible to do. I know that many would recommend getting some private money somewhere or looking for a partner, but that's not my focus here. Can someone familiar with hard money loans explain this to me?
Thanks!