Asset-based lending for 1st property flip in Philly?

[Brenda Nguyen]

Hey all,

Have you worked with any asset-based lenders who don't put as much emphasis on your personal assets/financial statements in Philadelphia area?  I'm looking for residential hard money lenders who are reliable and have great rates for a residential flip. 

What I'm currently working with: 

• PROS: Excellent credit, significant tangential real estate experience (I've been a real estate agent for the past 5 years), enough savings for a down payment on a $150,000 property on my own, plus closing costs
  
• CONS: No previous direct fix/flip experience, limited amount of personal equity
  

I'd appreciate any suggestions or even tangential suggestions!

[Troy Sheets]

Spring Garden Lending is the best I've found that is a cross between a traditional bank and HML. I'm honestly not sure how they weight loans (project merits vs. borrower financials) but you should check them out. Another thought is to partner with someone with cash or a strong W-2.