Updated almost 2 years ago on . Most recent reply
Gap Funding/Lines of Credit
New to the community here. Medium sized flipper here out of Minneapolis doing between 40-50 deals per year. Looking for insight into borrowing money to cover down payments and floating capital between renovation draws. Currently have a small executive line of credit at $350k that we outgrew in about 12 months.
Does anyone have any good contacts for secondary lenders? Talking about a person or company who will bring in cash for down payments and floating capital between renovation draws. I am open to private individuals, just have not found the one who can cover this level of scale.
Have plenty of SFRs to collateralize with second mortgages but do not own any of them free and clear. Most lenders will do lines of credit only on "lendable" equity in SFR's and/or properties owned outright.
Would be looking for between $600-700k on a new loan to pay off our current line and have free cash to continue to scale.
Any insight would be appreciated!