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Updated almost 3 years ago on . Most recent reply
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How do you set up your deals with HML or Private Lenders?
Hi guys!!
I am a buy and hold investor in Montana and Salt Lake Area. I am looking to take on my first flip now that I am piecing my team, systems and processing together. I am looking for some advice from more experienced flippers or any deal finders on how you construct your deals with your Private Lenders or Hard Money Lenders. We have a private money lender who is willing to fund our deal, however I really need to construct the deal in a way that would work for both of us and to present to him. Mind you, I will be doing ALL of the managing.. but when I find a deal, run numbers... how would you bring the deal to your private lender/HML to make it worth it for them?
Looking for experiences, mistakes, any advice or tips.
Thank you guys so much!
Most Popular Reply
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@Alyssa McEwan I'm not a flipper, but I BRRRR properties that don't need much work, so I use hard money. Most lenders have their own application process, but if you're working with a private individual lender this may be different.
I'd just check to see what your HML's process is, run your numbers, and fill out the application. Just by doing so, you'll start to learn what they're looking for and how to bring them deals in the future.
Hope this helps!
- Scott Johnson
- [email protected]