Trouble finding hard money for a low $200s ARV flip

[Harold Rutila]

The post title sums this up! I purchased a vacant single family home last October. It was $75,000. I spent the last year doing major utilities and security improvements with my own funding, and now am in need of about $120,000 to have a reputable contractor complete this fix and flip. I am planning to rent and refinance it when the project is complete. I am fine leaving my money in the deal (ie. I do not need cash out at origination of the hard money loan), but I have not found any hard money lenders interested in following up with me about this project. I had one lined up last summer, and then their terms changed, which made me ineligible because the property's ARV will be about $220,000, and not the $250,000 that they now require.

I know that lending is tightening up across the board, but perhaps someone on this forum knows of a firm I can use to get this project done. My contractor is very reputable and is excited to complete this project.

[Harold Rutila]

Quote from @Bobby Feinman:

Harold

Happy to try and assist. Let me know if you want to jump on a call

 Thank you! I will send you a PM.

@Aidan Dobbins yes, that is a good point. I thankfully did receive some messages from a few lenders. The broader point of reducing the loan to just the reno was to reduce the amount loaned, but to your point, most will presumably want to lend on the purchase price to secure a lien for after the refinance. Thank you for your comment!

@Bob Reinhard Thank you! I like your mindset tip.