Fix and Flip

Fix and Flip Line of Credit

Fix and flip products are not like traditional loans. They allow short term real estate investors to borrow the capital to purchase and renovate homes before they can flip a home for profit. Start flipping houses and get started today with no income requirement.

Fix and flip programs:

  • Single fix and flip loans.
  • Fix and flip line of credit.
  • Bridge loans.

These rehab loans also allow borrowers to fix up a home and refinance into a permanent investment loan. Often they are used as a bridge loan when a property does not meet appraisal standards.

Single Fix and Flip Program – Rehab Loan

They are designated for less experienced real estate investors. The liquidity requirement depends on the loan program you choose – there are a lot of different options and a Loan Originator can help with terms that best fits the project. There is no net worth requirement and no experience required, but will come with limitations until the first fix and flip is completed.

  • Loan purpose can be single property fix and flip, or fix and hold.
  • Loan size minimum is $50,000.
  • Loan term: 9 and 12 months with extension available.
  • Rate: fixed, interest only.
  • Max % of acquisition funding (LTC): depends on the program you choose.
  • Max % of rehab funding (LTC): depends on the program you choose.
  • Max loan-to-value (based on after repair value): depends on the program you choose.
  • Max rehab budget: no scope restrictions, complete tear downs are ok.
  • Rehab draw: multiple draws available throughout construction.
  • Borrower type: Limited Liability Company, Corporation, individual.
  • Prepayment penalty: no prepayment penalty (minimum 3 months interest).

Fix and Flip Line of Credit – Rehab Mortgage

They are designed for more experienced investors who have completed one fix and flip in the past two years. The liquidity requirement depends on the loan program you choose – there are a lot of different options and a Loan Originator can help with terms that best fits the project. These products require one fix and flip in the past 24 months.

  • Loan purpose: fix and flip or fix & hold.
  • Loan size minimum is $50,000.
  • Line of credit amount depends on liquidity.
  • Loan term: 9 to 12 months with extension available.
  • Rate: fixed, interest only.
  • Max % of acquisition funding (LTC): depends on the program you choose.
  • Max % of rehab funding (LTC): depends on the program you choose.
  • Max LTV (based on after repair value): depends on the program you choose.
  • Minimum FICO 620.
  • Max rehab budget: no scope restrictions, complete tear downs are ok.
  • Rehab draw: multiple draws available throughout construction.
  • Borrower type: LLC, corporation, individual.
  • Prepayment penalty: no prepayment penalty (minimum 3 months interest).

Loans are subject to investor and business credit approval, appraisal and geographic location of the property and other underwriting criteria. Loan amounts and rates may vary depending on loan type, loan-to-value, verification of application information and other risk based factors.

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