Here is a website that I came across for borrowing funds for doing flips, etc. The site is called www.prosper.com - I received an email from another extremely succesful investor in the Baltimore, MD area (Steve Cook) recommending I take a look at this site.
I haven't used it yet but I did subscribe to it. The site allows you to borrow money and lend money.
How it Works (This is taken directly from their website).
Borrowing money through Prosper is fast and easy, and because you're borrowing from people, the rates may be lower than you'd expect! 1. Join Prosper Joining is quick and easy. And free! 2. Create your loan listing Say how much you want to borrow, and set your maximum interest rate. 3. Watch the bidding Lenders start bidding immediately—watch the funding go up and the interest rate come down! 4. You win! If your terms are met, your loan will be funded directly to your bank account. 5. Easy monthly payments Your monthly loan payments are withdrawn automatically from your bank account.
It doesn't sound too bad. If I do use it any time soon I will post some feedback on my experience.
Let me know what you think!
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