How would you finance this flip?
I found a 260K Multi family property in my area and wanted to know how you would go about this flip. I may be able to get the price down to 200K-220K to purchase.
I have approx 50K ready to use to pay the loans should i be able to qualify
There is a hard money lender that is willing to lend 100K but i need to put in 35K of my own money to secure the loan plus almost 10K in fees. This is not feasible since there will be no cushion for monthly payments.
The construction costs will be easily be around 100-120K so im thinking getting a construction loan through a bank would be more reasonable plus less costly up front.
The ARV once this is complete should be no less than 450K. Basically I am interested in a private money lender to finance the 200K, obtain a construction loan through a bank, and BRRRR the property.
Any Ideas or suggestions. How would you finance this flip.