So they only finance 85 percent or a little more of the houses price? So basically you can go to a hard money lender with a business plan and a financial lay out of how much the costs are to fix the house and how much you could sell it for after. With this information you could be able make the deal and get the loan from them? It sounds really risky on the lenders side but I am sure they have their ways of making it always beneficial for them. P.s If you have time check out my vidoe on how I house hacked my first investment property. Thanks
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The hard money guys will make sure there is enough room to flip the house. If the deal goes bad they can foreclose on the house. They should have enough room to be fine.
They usually fund 85 percent of the purchase and up to 100 percent of the repairs. You can find guys who will do a higher percentage of the purchase but they charge much higher rates.