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Updated almost 2 years ago, 01/14/2023
Fast Money - Newbie seeking hard money loan
Hey All,
I'm a Colorado investor looking to start my first flip!
I've had other non flip type investments, but am throwing myself head first into a gov auction flip I won yesterday and am having a hard time navigating the lending world during COVID. I've calculated $65k loan (5% buffer built in) to finish my purchase price and repair costs with $18k of my own cash. I realize this is a high risk loan (ie Wells rejected my personal line of credit for $55) even with the ARV (minus expenses) well under the 70% mark, but I have an 800 FICO score with have $100k+ in personal assets to back the deal.
Any advice on who would take on the risk? Maybe I just need to pull more cash out to entice the lenders? I have a real estate agent as a best friend to look after the property and researched a dozen contractors, so I'm ready to get started - I just need a little bump on the money side and fast! Maybe there's a private lenders website I can advertise to this weekend?
Any advice helps!