All Forum Posts by: Anthony Palmiotto

Some HML will be able to give you up to 90% of the purchase price and 100% of construction costs - so long as the total loan amount is at or around 65% of the ARV. In that case you would be able to acquire the property for little cash out of pocket. Most good HML will not have a pre payment penalty so you can refinance as soon as you are able to. Some banks will want a certain amount of time to go by before they use the current value rather than your purchase price. If you look for a local lender, you can likely find someone who will lend to you immediately (or after just a short time) based on the appraised value instead.

Most HML are going to require some type of money down - even if as little as 10%. While there are lenders who will do 100%/100% they are often the ones charging higher interest rates and points and sometimes have pre payment penalties. They may also be more conservative with total LTV only going up to 55 or 60% of ARV. If you are able to save up a little but of money for a down payment, you will likely get much better terms from a HML.

First Equity Funding is a hard money lender based out of New Jersey lending nationwide. We lend on fix & flips, new construction, commercial deals and other investment real estate. We finance new purchases and cash out refinances.

• Lending up to 90% of the purchase price
• Lending 100% of renovation costs
• Rates at low as 9% for flips and 8% for rental properties
• Interest only payments with no pre-payment penalty
• Loan amounts $80,000 - $5,000,000+
• Fast closings and simple documentation

Contact: Anthony at 732-825-8095 or [email protected]

First Equity Funding is a hard money lender based out of New Jersey lending nationwide. We lend on fix & flips, new construction, commercial deals and other investment real estate. We finance new purchases and cash out refinances.

• Lending up to 90% of the purchase price
• Lending 100% of renovation costs
• Rates at low as 9% for flips and 8% for rental properties
• Interest only payments with no pre-payment penalty
• Loan amounts $80,000 - $5,000,000+
• Fast closings and simple documentation

Contact: Anthony at 732-825-8095 or [email protected]

Just curious why you would expect a contractor to charge you a different price depending on whether you are a homeowner or a flipper?

Feel free to reach out if you are interested in investing in a real estate syndication focused on multifamily properties that would offer a preferred return.

You could try finding a local community bank who is a portfolio lender who may allow you to keep the property in an LLC.

Hi Conrad, you will find that only certain lenders will work with smaller loan amounts as you detail above. That, along with the fact that you are newer, means you need to find a lender who is comfortable with your market and your situation. Please feel free to reach out to me if you have any other questions relating to flips in Philly or HML in general. Best of luck!

GC, welcome to the site. New Jersey is a very competitive market but there are always deals to be found. Sounds like you are not totally new since you already have a few properties. Feel free to reach out if I can ever be of help.

Best of luck on your journey. I am always happy to share any advice on the fix/flip, multifamily, or hard money lending fronts.