As Lenders, we are very excited to hear about your project and look forward to a successful working relationship. We just can’t give you any clear cut answers without information first.
Most lenders will need the following:
- their application filled out to the best of your abilities and as complete as possible
- application fee paid if applicable
- details on your rehab budget (don’t just say you’re going to put $50k into the home, what exactly will you do with the $50k)
- comparable homes (to the level yours will be rehabilitated, but same style i.e. ranch, two story, split level) try your best not to cross major streets to keep your comparables in the same area
- if you have experience flipping in the past or you work in the industry as a carpenter, handyman, etc.
- what cash are you able to put in
- what capital you need from a lender
- any other information you deem necessary
If you are able to submit a complete packet to a lender, you will be very pleased with their response time!