A private lender, such as Walnut Street Finance, specializes in funding fix and flip loans, which offers speed, less money down and dependability throughout the renovation process.
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Keeping your eyes open for the best distressed and undervalued properties is a key part of the "Fix and Flip" process. When you find that great deal, you need to be able to close on it quickly. Hard money lenders can turn around loans in days so that deal doesn't get away.
Traditional bank loans require substantial money down at closing, especially for renovation projects. Hard money lenders require less equity which means less money down for borrowers.
Fix and flip loans are funded in installments, based on predetermined project milestones. This enables you to stay on track while you "fix", and have a steady stream of financing to complete it before you "flip".