Have potential deal, need funding asap.

[Josh Duncan]

Hello, I have 1 residential rental currently in my own personal name. I have just created my LLC a last week. I have an opportunity to purchase 2 homes that are side by side that need a little bit of work (minor stuff) for basically the price of one in my area. I feel these would make an excellent next move for me. Now I just need the funding......

Thanks. 

[Stacy Raskin]

You can get a fix and flip loan for an investment property with up to 90% of the purchase price and 100% of the rehab budget with up to 75% of the ARV. The borrower is coming in with only 10% of the down payment if approved. The number usually varies from 10-20% depending on credit score, property analysis, etc.

Some lenders will work with any level of investor experience, credit scores as low as 660 and can close in as little as 10 days (there are loan options for 640-660 credit scores- they require 20% down). Lender options vary by state. 

Another good thing is interest only and 6-24 month loan terms- you can refinance by selling or refinancing to a long term DSCR rental property loan at any time once you complete the rehab.

Happy to connect to discuss further.