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Updated almost 3 years ago,
Funding ideas for a flip
Hey everyone, my name is Nick and my business partner and I have a flip under contract. It’s a pricier one than any flip we’ve done prior. 185k purchase price with about a 95k rehab. I had been previously prequalified by a bank who would lend 80% of the after repair value so if we bought it right we wouldn’t need a down payment. The arv on the property is 375k so it would work. The lender has changed their qualifications now and are only willing to lend 80% of the purchase and 80% of the rehab. Which I know are still good terms we just have all our money tied up in other deals. Does anyone have any other ideas for financing a flip like this? I do have equity in another property that I could use. I’m just trying to see what other options there are. Thank you!!