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Updated over 6 years ago on . Most recent reply
Looking for Hard Money Lender for my first deal
I found a lot of hard money lenders around but would love to hear from someone experience and recommendations.
Its going to be my first fix and flip so im not sure if 6 months will be enough. Im also a realtor , have my w2 and good credit score ( not sure if thats going to help anything to choose better hard money lender ) but yeah Please any advice would be awesome. Thank you so much.
Most Popular Reply
Our experience has been that commercial loans are difficult to close in the short amount of time that is often needed when purchasing a home from a distressed seller. (30-45 days.)
One alternative is a line of credit against a rental or commercial property that has no pre-existing mortgage - or a HELOC. Either of those is usually much cheaper than hard money. Plus, they can be accessed in a matter of hours.