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Updated over 9 years ago,
Reasonable Hard Money Lenders..Suggestions?
I've just gotten into flipping and unfortunately don't have the means to go all cash now but have excellent credit, experience in long term rentals, assets, and I need a reasonable hard money lender to work with. I'm closing on a house for $160,125 that is move-in ready. A reasonable estimate is $270k on the current condition. Rehab is not required but I want to change the house with a rehab in the $30k-$50k range. I may only increase the value the cost of what I put in but it will make the house sell faster. I'm being quoted in the range of 13% on hard money and that seems high. I won't be in this house more than 6 months max...I will get it done and have it sold. I am looking for quick close hard money for the property. Any suggestions appreciated...Currently have 6 mortgages, A primary residence...4 long terms rentals, one of which is about to go on the market and an investment/second home/vacation rental. Appreciable equity in all except the vacation rental which is about $740k right now and owe about $650k.