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Updated about 6 years ago,
Finding financing for flips in more rural areas?
Do any of you have experience or have you had success finding hard money lending for flips in locations that aren't near metropolitan areas?
Have a great opportunity. Private investor willing to go in with $50k, need hard or private money for the rest. Foreclosure. Grab property for 75k - 85k, rehab ~60k, ARV ~$200k... but it is in a more rural area. Not super rural, mind you... just not close to any metropolitan areas. I have been told by three hard money lenders already that they like the numbers but the location is too rural for their comfort level.
Any suggestions? Sucks to see a deal right in front of you like this and not be able to get lending! lol I am going to keep contacting hard money lenders, but wasn't sure of any other ideas. Cash deal because of the foreclosure, otherwise I would just go to a bank!