I am looking for a lender who will issue a line of credit/short term financing up to 75% of purchase price of SFR’s in Southern California. I am a broker and investor who will buy distressed properties cash up to 75% of market value and flip them. I have good credit, real estate experience, and can put down 25%. Do you think there are lenders out there for me, or would there only be lenders if I was part of a corporation with extensive experience and millions of dollars to the company name? Please let me know. Thanks for your help and time.
In my view, this type of line of credit just for business purposes is not really available unless you have other assets to secure it.
Having 25% down is good. You can do transactions case by case with a hard money lender but you’ll have to do a bit better than 75% LTV.
What you are really looking for I think is a good private money relationship. That would provide you the type of line of credit and flexibility you want. If you don’t have any friends with cash to propose this to, then I would say do some Hard Money deals to get some experience and success under your belt and then advertise for private money or network through RE clubs to find a private lender.