Updated almost 5 years ago on . Most recent reply
Portfolio or Private Lender in Portland Metro
I am newer to REI (I've done a couple of live in flips but nothing more).
Very serious about buying my first true flip. I’ll have plenty of cash to put a 25% down payment plus cover rehab costs, but I am in search of a portfolio or private lender to help cover the rest.
I realize that conventional could work, but ideally I’ll be looking form properties that won’t qualify as ‘move in ready’
Most Popular Reply
@Sean Ohare
That sounds awesome! I’ve worked with bob thomas and Adam Hartfeil at merchants mortgage. Typically a short term loan, close quickly and will even finance construction for you. After that you can refinance into agency debt with a Fannie or Freddie loan on much better terms.
What sort of properties are you buying that won’t finance conventionally? I’ve never had a problem getting something financed with agency debt if the seller is willing to work with you. Mike Maiers team at fairway can attest I’ve bought some real dumps that financed just fine.
What part of portland are you looking in?