New investor looking for small hard money loan for rehab in Pgh. Suggestions?
I recently bought my first investment property , a duplex for roughly 20k ( 10 k each side ). I was looking for someone who is willing to work with a new trustworthy investor, to help with rehab costs. I will only need around 18k( about 9k each side) to complete the project. Planning on selling it upon completion. Most lenders minimums are from 30k-100k. Its ARV is @45K each side for a total of 90K. I live in the south hills of Pittsburgh,PA. and I was hoping to find a local lender who could see the potential first hand, and willing to take a chance on a new investor. But will also be willing to work with someone non-local. Thank you,Chuck
Thank you for your question. Being a new investor doesn’t necessarily mean you can’t get funded, though it is a little trickier, as you may be bumping into. Some lenders will lend to a new investor if they’re working with a general contractor for repairs.
Hard money loans are short-term financing and great for fix and flip and they typically look at the deal as part of their approval process, more so than the buyer. Being your first deal, be sure to ask them if working with a general contractor will strengthen your application.
In the meantime, check out our fix and flip loan article here. https://fitsmallbusiness.com/fix-and-flip-loans/
Best wishes on your deal!