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How to Find a Reliable Lender for Your First Flip

Having a reliable lender back your real estate investments is crucial to ensure your venture is successful. But where can you find a reliable fix and flip lender?

If you’re new to flipping properties or don’t know where to start looking for lenders, there are two ways to find reliable and trustworthy hard money lenders:

  • Online
    Leverage the power of Google to easily research reputed fixed money loan lenders. Search by location and research hard money lenders with an established history. Look for reviews from past clients and customers before you contact them. 

Then, consider the additional services they offer, such as help selling the property. Beware of fraudulent and fake lending websites. Ask for references from prior borrowers.

  • Networking
    Find professionals who have been profiting from flipping houses for years and network with them. Get their experienced opinion about the various lenders in the market, including which lenders to approach and which to avoid. 

What’s more, your go-to may be able to introduce you to lenders they rely on. This builds trust and can result in easier negotiations with the lender down the line. 

Plus, networking with an experienced flipper will improve your business savvy and help you avoid rookie mistakes.  

Leveraging a Lender

Approaching lenders for a fix and flip loan can seem daunting. Showing up informed and organized is the first step. To strengthen your case, you’ll need to provide two key, detailed documents: 

  • A budget showing all expenses. 
    Prepare a detailed report of all the funding you’ll need for repairs and renovations and how the money will be allocated. Even minimal expense items (like a gate repair) should be noted. 

Clearly, state why your improvements are necessary. Giving the lender a transparent report shows professionalism and builds trust. 

Double check your costs and confirm your estimates with the professional who will do the work. If you come across as unprepared and naive, chances are you won’t be able to secure funding for your fix and flip project.

  • The property value after repairs and renovations.
    The projected property value after all repairs and renovations are completed can make or break a loan. Show the lender the property value at the time of purchase and your estimates of how much repairs and renovations will raise the initial value. 

Then disclose the projected selling price of the property and back up your claim with recent sales of comparable properties. Proving you can increase the value of the property significantly increases your chances of securing a loan.

Select reputed and reliable lenders in your area and make an airtight case for your fix-and-flip property to secure a private lender loan. When you get a fixed money loanFree Reprint Articles, stick to your planned repair and renovation budget to avoid overspending. Keeping your costs in check and budget organized will ultimately help make your first flip a success. 

   

Source: Free Articles from ArticlesFactory.com

ABOUT THE AUTHOR


Apply for a hard money loan or fix and flip loan for your real estate investment. All loans and properties are underwritten by our team for fast approval.



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