If you happen to be a house flipper in and around the Greater Philadelphia Metro Area, then you will want to read this post.
My group from the West Side of the Pennsylvania has secured a deal with a major Texas based funder to bring massive amounts of cash to the fix and flip market across Pennsylvania.
If you have a profitable fix and flip property deal anywhere in the Commonwealth of PA, then they want to hear about it.
Here are the bullet points.
They will lend up for 70% of the After Repaired Value of the property, that is pretty much industry standard, nothing too sexy there; but a far cry from the hard money companies that claim they will fund 100% of the deal. Take a second to think about that. If you lend me 100% of the money to flip a house, what is my incentive to create a good profitable deal? It is pretty much zero. I would have nothing at risk. What idiot would make that loan? Now ask yourself what are the odds that an uneducated lender with no sense would happen to be advertising to find hard money borrowers? The way that scam works is that they have to change the term at some point in the process. This is usually done during the appraisal. All of the sudden the appraisal comes in low, and you aren’t really going to get your 100% hard money funding. This is a problem for you. Now you need to go back and try to save the deal with your seller, that is a hoot. You have blown the sellers trust (super important) and you now have to run all over town trying to make up the difference in funding BEFORE you lose your deal to faster better funded competition. This helps nobody. The other end of the scam spectrum, is that the hard money lender will magically come with with all sorts of unimaginable junk fees. I have seen some where a lender tacks on an extra 20k in fees for things that sound like paperwork. That is another hoot and something that you don’t need in your life. Real estate is not like the Olympics, we do not get extra points for adding degree of difficulty.
There is no need for drama in your real estate deals. Contractors and city inspectors will provide enough of that.
So, what we have located for you is a great hard money company, with great rates.
They intend to make money on your deal, the same as you do. That is fair. They are sharing the risk with you.
They charge less than 10% interest on the loan. That is pretty fantastic.
They will loan 90% on the purchase and 90% on the rehab
They will lend up to 70% of the After Repaired Value ARV
Now here is where it gets really sexy!
There are no junk fees, what you see is what you get.
They do their own in house appraisals, and they can fund in as little as 48 hours to save your deal after someone else tried to screw it up.
You don’t need to have experience as a house flipper, you don’t need a minimum credit score, you just need a profitable house flipping deal
It will cost you exactly ZERO dollars and about 10 minutes of your life to apply for a hard money loan. Then you can go forth to the closing table with confidence that at least the money will be there for you.
Here is the important part.
You need to set up a time apply, that is amazingly simple
Either email josh – PittsburghREIA@aol.com or Josh@EasyStreetCap.com
or just text funding to 412 592 2146
This is it to get the ball rolling.
You will need to know you numbers and have basic info about your deal; but let’s be honest, If you don’t know that, then you really aren’t ready for a loan anyway.