Loan or Mortgage to buy 700k property

[William Eric]

I'm looking at a large investment property around 700k. I'd like to be able to act quickly in this competitive market so I am thinking using a hard loan to buy the property and then convert to a traditional mortgage. Anyone with experience? Am I wrong to think that a private loan will help me secure the property vs waiting a month or more for a mortgage? 

Anyone has experience with homelending?

[Account Closed]

Hi @William Eric, a lot of flippers use hard money loans to purchase properties quickly. They can typically close in 10-14 days. You should expect to put ~20% down for the project and have a plan to renovate the property. Feel free to let me know if you have any questions about the hard money loan process!