Goldman Sachs to Fund Flippers
| By:
Nicolas Zepeda
CNBC is reporting that Wall Street giant Goldman Sachs is getting into the house flipping market with its recent acquisition of Genesis Capital– one of the largest private-money lenders in the U.S. focusing on “highly qualified and experienced real estate developers who buy, renovate, and sell single family residential real estate and/or multi-family apartment buildings.” Indeed…
“The deal, for undisclosed terms, gives Goldman a business that makes loans of $100,000 to $10 million at rates of 7 percent to 12 percent. It won’t lend to occupants, so that leaves real estate professionals who are renovating and looking to sell fairly quickly.”
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