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Updated 11 months ago on . Most recent reply
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Looking for a Hard money lender for a newbie investor
Hey everyone . I have a question
so im looking to do a BRRRR in philadelphia pa. I got a house under contract and I'm looking for a hard money lender. I want to use my heloc for the down payment , closing costs and the rehab. And I have a 700+ credit score. I'm a newbie with very little experience in rehabs. I have a Duplex I'm house hacking and I've done a ton of work on it. I've also joined mentorshipsto get me alot more knowledge. So I'm ready to go in my opinion
So the home purchase price was 58k. The rehab is about 110k( +10%) totoal. Arv is anout 250k. I'm converting a single family to a 2 unit since its zoned for multi family use.
Im having a bit of trouble to find a lender because of my experience. Can anyone point me in the direction of a HML who may be able to help ? Any response to this is helpful.
thanks