Fix and Flip Loans
A fix and flip loan is mainly based on the after repair value (ARV) of the property as collateral and typically you can get a loan up to 70 percent of the property value. If you are purchasing an investment property that needs rehab, this is the perfect loan for you. The loan process is quick with minimum paperwork required. Fix and flip loans are the way to go (almost same as you are purchasing with cash). They have higher interest rates and fees compared to conventional loans.
Fix and flip loans range from $50,000 up to $2,000,000. Terms vary but you typically have short terms up to 12 months with ability to extend for additional fee.
Loan application, purchase contract, biz entity docs, driver license, detailed rehab budget, recent 2 months bank statements, and builders risk policy. Other docs may be required.
Loans available only on investment properties. Owner occupied properties must use conventional loan programs.
Origination fees and interest rate for 10% and 20% down payment programs vary based on credit and experience of borrower. Experience is the number of flips over the last 2 years. Borrowers must provide copy of HUD statements to verify experience and receive preferred pricing. Credit scores above 700 also improve loan pricing. 100% financing program requires at least 3 completed flips in last 2 years.
If you have a short term financing need, our company has a program for you. Whether you desire to purchase or refinance, we are your best source for financing.
We are just a call away, call us at 800-577-1959. Do not submit application until you have property under contract.
Submit application and required documents above to email@example.com.