Lender recommendation for Houston area

[Minh Le]

Hi Bigger Pockets Family!

I officially upgraded to Pro immediately after sitting in on Brandon's webinar on Wednesday! It was great, very informative, and got the juices going to get deals.

Can someone recommend a lender that doesn't require too much upfront? I have come across a property where the flip margin is big enough to where 70% of ARV would be enough to fund the purchase and rehab cost. I have a lender who requires $1,200 upfront for inspection, appraisal, and attorney fees before they even consider lending. Are there any lenders that do not require this prior to "vetting" a deal?

Based on pre-flood comps, ARV for this property is high enough that it wouldn't cost me much out-of-pocket, but it is totally contingent on the appraisal. My concern is that I'd pay for an appraisal and then it comes back lower than it should be, and then I would be paying for a highly conservative appraisal, and incur more cost out-of-pocket than I would like to be. Are there lenders that do not ask for this payment upfront?

[Huy Thai]

Hello Minh,
I’m currently working with a HML out of Stafford that is charging 2 points, $1200 in nickel and dime fees, but is giving me 75% LTV of ARV at 7%. The kicker is it jumps to 13% at month 3 so rehab has to stay under 8 weeks. PM me if you would like their info and I’ll make the introduction.