Looking for a loan to flip houses

[kjcba8101]

I'm looking for a lender to discuss a loan for flipping houses in the Tulsa metro. Anyone have those kinds of connections?

 

[lawpoke87]

Private money or conventional funding?

 

[ThorOdinson13]

Finding a local hard money lender will be your best shot. Be prepared to have some skin in the game yourself (15%+), pay at least four points, and 12% or higher interest.

 

[kjcba8101]

Private money or conventional funding?

I'm open to looking at either one. About to have the first flip house get listed next week (my parents were the investors). I'd probably prefer to go with a bank (if that's possible). Just wanting to take the next step and move forward with the second one.

 

[purkey]

surprised you can find houses cheap enough to buy, repair, hold and then sell and still make money in Tulsa.
Are people bailing on homes already in the tulsa area?

 

[lawpoke87]

Funding sources will vary widely depending on your current strength and assets.

The most cost efficient option is an equity line on your current house(s) but requires equity in an asset. The second method is conventional lending. Good credit and 20% or so down will be required. Options like Tulsa National, Citizens, Regent, etc... Third tier would be secondary lenders. Higher fees than the second tier but less money down and credit requirements more relaxed. Options are Sharp Mortgage, etc.... Fourth option is private money. Costs are considerably higher here.

Shoot me an email if you wish to talk further. [email protected].