As you review websites or search for funding for flipping you will find many different directions to take. I would encourage you look into building your credit be it personal or business and guard it with your life. Credit is the life blood of any small company. In todays market place funding for flipping is an ever growing stream of a way to make money or waste your money. It is now becoming the norm to fund all of your flip if possible. Leveraging other peoples money is a way to make money on other peoples money with out risking yours. No matter what anyone tells you Real Estate Investing has its risk. This is why I say protect your credit buy using it wisely and in doing so be sure to protect those you are borrowing from as well.

As for first time home buyers it is just as critical they due their homework. It is important to research your professionals you are working with from your realtor, lender and closing company. The old saying not all are created equal has never been more evident than when you read some of the horror stories from first time home buyers.

If your a Real Estate Investor, first time home buyer, Private money lender or looking for funding for flipping the following article gives you some ideas of what is available.
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“Nowhere is the saying “you need money to make money” more true than in the crowded, competitive, fast-moving world of small business. As you seek to establish and grow your enterprise, access to capital (or the lack thereof) will be one of your biggest hurdles.

For small business owners facing expenses that just can’t wait, traditional approaches—SBA loans from banks, for example—can be burdensome, inconvenient, and ultimately disappointing. On the other hand, while the APR for a bank loan is usually around 6 or 7%, the APR for an online loan can climb above 30%!

It’s a simple fact that the faster you need a loan, the more you’re going to pay for it. That doesn’t necessarily mean you’re going to regret it, though—if it grows your business, keeps you afloat at a crucial stage of development, and ultimately carries you forward, the cost will have been more than worth it. Let’s take a closer look at a few lenders and see what they have to offer by way of fast business loans.”

Kabbage isn’t a “business loan” product, rather they are offer a business line of credit. They are worth mentioning here because business owners can receive funds from Kabbage the same day they apply.

Minimum requirements: At least 1 year in business, with a minimum of $50,000 in annual business revenue

Time for approval and funding: Kabbage’s online application process usually takes around 7 minutes to complete, and you can get funds the same day.

Required paperwork: Along with basic information—business address, tax ID, credit scores, and SSN—Kabbage looks at the online systems used by your business. It takes data about your business from online systems like Amazon, PayPal, QuickBooks, Etsy, etc., in order to evaluate your creditworthiness.

How much can you borrow: $2K to $100K. Kabbage will give you a maximum credit limit that you can borrow against, always keeping in mind that you only need to draw on the credit line as needed, without ever having to use the full amount. You only pay interest on the funds you use.

How long can you borrow it: either 6 or 12 months, with payments automatically deducted from your bank account on a monthly basis.

APRS and fees: The APR for Kabbage loans ranges from 30% to 100%. Most of these fees are charged in the first two months, although you can save money by paying the loan off early.

Personal guarantee and collateral: While Kabbage doesn’t require a personal guarantee, it does place a lien on your general business assets for loans over $20K. Your business assets can be seized if you don’t repay the loan, but your personal assets can’t.
Other financing options

Finally, let’s take a quick look at a few more affordable options for fast business loans. While these approaches may not be as fast as going to a lender like OnDeck or Kabbage, the extra effort might be worth it in the long run, given the amount of money you stand to save.

Credit Cards

Credit cards don’t always seem an obvious choice for people looking for fast business loans, but if used right they can be a quick and convenient source of business capital. If you have good credit, you might want to consider getting a business credit card or personal credit card to be used strictly for business expenses. The ideal way to use these cards is to pay the full balance every month. As you do so, you’ll keep that money available and build your business credit score at the same time. The average APR for a credit card is 16%, a significantly lower number than you’d get with Kabbage or OnDeck. And while it’s true that you’re limited to your credit line regarding what you can and can’t purchase, another advantage of credit cards is that many of them offer introductory 0% interest rates as well as rewards such as cash back with purchases, frequent flier miles, hotel stays, etc.

Family or Friends

No one likes doing this: it’s hard and feels embarrassing, with the potential for injured relationships down the road. But if you have someone you particularly trust, and who in turn has faith in you and in your small business, receiving a fast business loan this way is not a bad way to go.

May 5, 2016  Jamison Noorlander