Updated almost 13 years ago on . Most recent reply
Looking for Financing
Hello All,
Here is our situation. We are looking for "gap funding" to get into a good deal in our local real estate market. We have had some experience in investing, but have never used private money or hard money lenders to get into deals. We have always used conventional lending, but it takes way to long for this and we would like to speed things up. We would like to stay away from hard money lenders, because they seem pretty expensive. I was also told a gap funder usually wants 50% of the proceeds from a sale so we eliminated this option as well. So my question is, what solutions do we have in order to secure financing to get into a good deal quickly and not too expensively? We are looking to fix and flip a house in about 3-4 months and my credit score is ok, it’s in the mid to high 6’s. Thanks!