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Updated about 6 years ago,

User Stats

519
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221
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Brian H.
  • Carolina
221
Votes |
519
Posts

Finding financing for flips in more rural areas?

Brian H.
  • Carolina
Posted

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!