All Forum Posts by: Account Closed

I am finally in the process where I am on under contract on my first fix and flip house. Kiavi is covering 85% of purchase price and 100% rehab. I have to bring approximatley 40k to closing on February 26th. Are there any recommended lending options to help with closing costs or a form of working capital to take me over the finish line of acquiring my first fix and flip with my brand new company. 

I am looking for a mentor to help my partner and I guide us through real estate investment  acquisitions and hard money lending borrowers. I am encountering roadblocks when it comes to our credit score (mine is good / his is crap), experience with flipping (I have no experience / he has 22 years of flipping experience) and the amount of cash liquidity that some of the hard money lenders want is still on the high end especially starting out. I know that a lot of hard money lenders will fund 85%-90% of purchase price with 100% rehab cost on draws. With all that said after closing costs, origination / underwriting fees, etc. if seem very difficult to get things moving along. I am open to detailed approaches to navigate funding. 

A little back story on our company is that we are a real estate investment company and we are currently working with several VC's to secure funding. Due to our company being newer formed back in August of 2023 we have no history with any projects. My business partner has completed many projects under previous companies he formed until he sold them a while back. I know many are going to ask but the sale of his previous companies are still tied up in the sale agreement for him to invest in the company he sold to. We have a handler that is speaking to the 5 prospective VC's, but they most definitely are going to want to see projects under the new company which at this point we have more or less started. 

Our first goal is to acquire funding so we can start our first project. 

 Boris do you know what some of these lenders that are offering financing for first time investors. I am running into walls with some of the finance requirements having to have been a business for two years, putting up personal assets and/or all banks or lenders I have spoken to for business loans are not doing anything for real estate at the moment. I came across one bank that would finance a capital improvement but only if it was owner occupied by 51%.