Best Hard Money Lenders For First Flip

[Connor Kline]

I am looking to purchase my first flip. I am currently negotiating with the sellers. I have been in contact with a few lenders, and hard money lenders. I am curious to know if anybody has a good lender they would recommend for a first time investor? The deal I am currently looking at is purchase price between 50k-60k. Rehab between 75k-90k. ARV 205k. The goal is to flip it, but alternative exit strategy would be to refi into long term hold.

Ideally the lender I am looking for needs to work with first time investor, and also okay with the amount of rehab needed. (a couple lenders have told me it is to big of a rehab for a first time investor).

I have 25k in reserves, and need a lender that is okay with that. 

Any advice would also be appreciated!

[Jose Jacob]

I am a fix&flipper for last 10 years in NY and getting into out of state fix&flipping. When I look into out of state flipping, i am trying to find a property below $100K and a cosmetic repairs of $20-$30K to start with even if I have ton of experience in NY as a flipper. . I do have PML and HML to help me. My point is that, as a new investor in the field of fix&flip, you may face several challenges, one of those are finding the right lender with this large scale reno. Also most lenders will not finance reno cost to new fix&flippers due to risk. They may give you 70 to 80 LTV and you may have to come up with the reno cost. The one who told you that they wont lend you for that kind of extensive reno cuz you are a new flipper. An other hurdle you will face is to find a good contractor. My humble advise to you is to start with a cosmetic repairs and go full gut after you completed two to three cosmetic and get a good team with you. That's what I am planning to do out of state. Good Luck