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Updated almost 10 years ago,
Trading my homes equity for your Hard money
Hey there BP community,
Christian here,
Quick Question. Can you use your personal homes equity as "skin in the game" in a hard money loan?
I have been trying to improve my credit to a point where i can get the equity out of my home. I will then use my home equity as a down payment to get my hard money loan.
I already got pre-approved for a hard money loan for my first flip but cant come up with the 20% of what i got approved for.
I know its risky considering this is my first flip but i know I am super conservative on my numbers and have done exponential research (about 2 years) on the subject of finance so I would like to believe I know about 5%.
If anyone could help me own I would highly appreciate your expertise.
Thanks.