Securing a Portfolio Loan (Newbie)

[Timothy Pauldon]

Hey guys,

So I have been able to find some solid properties on Redfin recently but have been a bit hesitant on pulling the trigger. I have 10% downpayment the houses but the entire loan process mentally hangs me up so much.

It’s my first fix and flip and I’m looking for potential portfolio lenders over hard money lenders in Chicago. My problem is that I am not exactly sure so much on how to secure the best funding option. I’ve reached out to loan officers for more insight but I was hoping to get some feedback on your experiences: Did you work with the loan officer prior to choosing the property (approval for amount first)or did they require you to have a proposal built out for the property first? Have you been in a position where the property itself would be paid for by the loan but not the rehab costs?

Which do you think would be the most strategic route? Any help on the best sequential process of securing the loan, finding/working with an agent and closing on the house would be great!

Thank you guys so much!! :)