Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

258
Posts
62
Votes
Taye N.
  • Hayward, Ca
62
Votes |
258
Posts

Need Money For a FLIP using another house for collateral

Taye N.
  • Hayward, Ca
Posted

So I found a property that I would like to buy and flip the price is 1m. I don't have the cash to buy it. My partner has a home that is paid off and want to use the equity to purchase this home to flip.

The house is worth 2m and he willing to put the house up to get the loan.

We need a loan for about 4 months only. However we need to move quickly because the house will hit the market by Monday. We would like to lock it up before this happens.

Question:

What kind of financial option do we have? 

A home equity line of credit to setup would take too long.

Both of our credit is 780+.

What option do we have that we can close quickly and use his home for Collateral.

Thanks!!

Loading replies...