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Updated 13 days ago on . Most recent reply
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Looking for a lender for a flip loan in a small town in Utah
I've got a flip lined up in Redmond Utah. My normal hard money guy said no because he doesn't do small towns. My second guy said the same. I called a dozen lenders yesterday and they said no because:
Small town.
Small amount (purchase price is 97k)
They don't deal with those kind of properties (Half the house is a mobile home on land, built in '72. The other half is a typical stick frame house built in addition.)
Too short of a timeframe. (closing this week)
Comps put mobile homes at 160k and regular homes at 200k. Aiming for 10k in renovations.
1700 sq ft 3 beds 2 baths
Anybody want to lend on that?