100k in Cash to Obtain a 225k line of credit to Flip from lenders

[Cj W.]

Hello BP,

I currently have about 115k  that I have been turning over and over flipping 3 homes a year.  I want to double that number.  Im a realtor that's good at finding deals I just need more capital to do two houses every three months vs my current rate of one.

What Im thinking is that I can give a private lender or real estate hard money-Esq lender my current 112.5k and 50% down secure of the loan and let them have leans on the properties while lending to make it a 100% secure loan.  

I need to acquire a line of credit for $225k  so I can access cash fast when the deals present themselves and I can put in cash offers....  To summarize put down 112.5k to acquire homes that the lender can have a lein on until its flipped and sold.   Anyone know or can point me in the direction of how to go about this.  The Banks are giving me all NO's.  I'm at a 680 credit score but my wife is a 710+ and could co-sign if needed.  Appreciate any help in advance.

[David Weintraub]

Hard Money Lenders don't really give "lines of credit" the same way a bank does, necessarily.  Lenders always look at the property because that's where the risk is.  They can offer you "up to $1,000,000", but they're still going to look at every single deal individually.   You may rest assured knowing you have access to the money, but they're not going to make it available to you in a moment's notice.  You'll end up with a proof of funds letter, I would imagine.

That said, you may find a private investor, like a @Jay Hinrichs who acts as a HML, but the more institutional types are not going to make the money available like a bank account.

I'm speaking generally.