1st Flip

[Naskat Williams]

I am approved for a hard money loan, but I have to put down 10%, and it may not cover all costs.
The home's Arv is $140,000 and it needs $25,000 in work. I purchased the home for $70,000, yet I am trying to figure out how to come up with the 10% to put down, and extra money to cover the expenses. The rehab will take 4 to 6 weeks, so I want to be out in atleast 3 to 4 months.
So, how can I come up with the down payment for the loan, and money to cover the monthly exspenses? I do not have good credit, and this is the only hard money loan I was approved for. The loan is at 65% of the ARV, with 10% down, and 4 points.
Need Help
Should I take out a personal loan for the 10% down payment, and monthly interest expenses? I really wanted to get a loan at 70 to 75% but the market is tight now.