What’s wrong with my deal? (Hard money lending rejection)

[Keith Richardson]

Good day, BP,

I’m trying to understand why hard money lenders keep turning me down on my rehab project. 

The deal:

Paid 60k cash for house needing total rehab

Anticipating needing a loan of 150-175k with an ARV of about 325k

The only thing I can think of is that I don’t have any experience with a project of this size. 

With interest rates on these loans being 11-12% and my request amount you would think it’s a score on their end. 

What do you think?

Gratefully,

Keith