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Updated over 3 years ago on . Most recent reply

Account Closed
  • Specialist
  • Charlotte North Carolina
66
Votes |
112
Posts

Lending only Purchase Price for a flip?

Account Closed
  • Specialist
  • Charlotte North Carolina
Posted

Hey everyone I am expanding my REI business and I have done 5 flips in 3 months. I am speaking with lenders on getting loans for my next big push this upcoming year and I can't seem to find anyone who just does the purchase price and let me complete the rehab with my own dollars. I tried one of the 5 the normal way with everything almost funded but it was a huge pain with the drawers (they deposited with checks for some reason so it took an additional few days to get the funds) and I had to deal with a super lame system to even get the drawers sent over. This slowed down my flip considerably and increased my cash in the deal as I had to bridge the money for my crew while waiting for a banker to go to a bank and deposit a check.

Is this an industry standard? I am using my own cash completely to help me acquire deals and I am looking for a lender to come in after I already got everything lined up so I can close in a few days and get my cash back in the following few weeks. 

Most Popular Reply

User Stats

171
Posts
84
Votes
Kevin Ivey
  • Flipper/Rehabber
  • Marysville, WA
84
Votes |
171
Posts
Kevin Ivey
  • Flipper/Rehabber
  • Marysville, WA
Replied

I agree draws and all the paperwork is a pain.  I have worked with certain lending & a regional hard money lender here in Seattle multiple times with no rehab funds.

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