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Updated 9 months ago on . Most recent reply
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Looking for lending options for fix and flip!
Recently purchased a first property with a friend - fix and slip near our personal properties. We are completing the work ourselves. Our goal is a 6month turnaround time.
House (foreclosed) was listed for $90k originally, was able to purchase and close outright for $50k cash. Goal is to put $40-50k back into the house. Great/safe first property with the major work being a new kitchen and 2 bathrooms.
We've been discussing lending options with local banks in the area to obtain $80-90k of funding. Most banks say this is too small of a loan or we need to own location for 6months. Is hard money lending a better route to obtain lending? Any lenders out there or other resources to obtain the funding? Thanks!