Newbie looking for funding fast

[Tamera Muniz]

I am looking to fund my first rental property as soon as possible but am running into a few financing snags. Applied for a HELOC at local credit union but they're saying it'll take 8 weeks to finish process due to appraisals being behind. Any other quick ways to obtain funding?? Looking at hard money but not sure where to start!

[Andrew Postell]

@Tamera Muniz there should be several real estate investing groups for Colorado.  Try facebook if you want the virtual thing but some will meet in person through meetup.com or even post here on the Bigger Pockets Marketplace.  We should get you a Hard Money Lender from a local source to close quickly.  I would highly recommend getting it from another investor and not from the lender themselves.  It's hard to know if the lender is any good until you are far into the process....so if another investor has already worked with them then that usually works better for us.  I hope all of that makes sense.

[Miranda Holland]

Funding is pretty fast with companies that lend private and hard money.  However, they also require appraisals. Most of the lenders I work with will be ready to fund within a few days after the appraisal report comes in. I sent you a PM

[Ashton Hines]

I have used Easy Street and they are quick and very professional. You need appx 25% to close but you can use a 401K loan which is quick to transfer or a partner to put up the money. Basically need 15% of the loan value plus 20% of rehab and 6 months of payments. 

If you have a deal under contract also consider going to a local REI meetup to offer the deal up for someone to fund. Or post on a local Facebook real estate investor page and wholesale it. Better to take $5,000 and pass the deal to someone who can close than lose the deal in my opinion.

[Riaz Gillani]

@Andrew Postell put it best. Reach out to local lenders who can make decisions based on you + the asset with little to no institutional lag. BP Forums or google something like 'Colorado REIA' is the best starting point. In both cases you'll get an authentic opinion on the services. What you do NOT want to do is search 'Lenders who can close fast' - if you get lucky this can work but the more likely scenario is that you just get the lender who pays the most for SEO ...

You may also want to explore seller financing. It's especially likely / plausible when buying a property that was previously used for rental purposes (B2B). 

[Kerry Baird]

Figure has a fast process.

[John Wiedemann]

Guaranteed Rate has a quick HELOC program, can be completed/funded in less than 10 days if you qualify. Contact an office in your state to see if they can help you.