Updated over 5 years ago on . Most recent reply
Seeking short term financing to fund first deal
Hello BP community!
As I move forward to acquire my first rental in the coming months, I'm seeking creative ways to fund this deal. I intend to utilize the BRRRR method with all in costs (acquisition+rehab+holding) to be between 60-90k. Hard money and a line of credit are my top choices as I have more than 50% of this budget saved, but need to fill this monetary gap while leaving enough of my own cash in reserves. With all of the uncertainty that COVID-19 has brought during this time, I understand that many financial institutions have tightened their lending criteria to those looking to obtain such financing. This coming week I'm going to speak with some different lenders offering these products.
Has anyone been successful in opening new unsecured lines of credit or obtaining hard money loans to fund recent projects? I’d be happy to hear stories of recent deals performed using either of these or other financing methods. Gladly open to any and all feedback/suggestions regarding my situation.
Thanks!