Lenders on conventional loan fix and flips

[Angel Garibay]

So now with all the market uncertainty there are a lot of deals out there that have been on the market anywhere from 14-60 days that have not gotten any offers. I’ve noticed that some are in really great neighborhoods that only need a cosmetic rehab and are asking a lower price. I was wondering what kind of terms different companies and people are offering on a conventional loan fix and flip. I’ve talked to some hard money lenders that refuse to be middle men to a bank and have talked to ones that said they r willing to lend on that type of deal. I have calculated the rehab costs and vetted each individual deal to the best of my ability. Is there anything else that anyone can recommend that I could do to possibly make myself a more appealing candidate to a lender? This would be my first deal. So that seems to be an issue when I am addressing a lender. 

[Kristin Smith]

@Jacob Sampson

Renovation loans are currently suspended due to the Covid 19 situation, if you are talking about an FHA loan such as the 203k or Homestyle loan.

If you are taking about a conventional bank lender and a construction loan with two closings, that may still be an option.