Hard money lending question

[Roy Means]

Im starting to deep dive into deals, finding comps etc. Looking for triplex and quadruplex up to about 100k, I'm just starting out. I don't have a significant amount of capital saved up. but My credit is in the mid 700s. The path I want to go is BRRRR. I would need a hml or private lender. If I decide hml, is it possible/good to roll holding/closing and upfront fees in the loan? Or would it be better to just get a separate personal loan to cover that? I also know Im probably gonna need 10%-20% down depending on the lenders rates. Im very eager to get started. Im forming my map to get this real estate process started. Having 10-20k upfront seems impossible if i would have to save to get there. Im willing to leverage my credit if I know the deal is a good one. Any tips? Or experiences with little money but decent credit?

Thank you,

[Stephanie P.]

@Roy Means

You're shopping in a precarious price point.  

Most HML's want a loan amount of at least 75K. They will loan, generally, up to 80-85% of the purchase price and 100% of rehab. If you decided to buy, renovate, rent, refinance, the refinance is going to cap you at about 75% of the new appraised value, but it you get an appraisal that comes in short, you could end up eating that hard money loan and having to sell. With carrying costs and closing costs, you'll be luck to get out with any profit.

Go a little bigger if you can and make sure the end product's value will be greater than 110K so you don't get stuck with a loan amount for the end financing that's too small.