Fix and Flip

Fix and Flip

Fix and Flip Line of Credit

  • Fix and flip products are not like traditional loans.
  • They allows 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.
  • The two fix and flip programs:
    • Single fix and flip loans
    • Fix and flip line of credit

Single Fix and Flip Program – Rehab Loan

  • They are designated for less experienced real estate investors.
    • The liquidity requirement for this produce is a minimum of 20% of the loan amount, up to the max of 35%, depending on experience (excluding cash to close).
    • 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: single property fix and flip, or fix and hold
  • Loan size: $50,000 – $1,000,000
  • Line of credit amount: n/a
  • Loan Term: 9 to 12 months with extension available
  • Rate: fixed, interest only
  • Max % of acquisition funding (LTC): 85%
  • Max % of rehab funding (LTC): 95%
  • Max LTV (based on after repair value): 70%
  • 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)

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 is 20% of the line of credit.
    • The net worth requirement is a minimum of $125,000 depending on experience and the type of the property.
    • This product requires one fix and flip in the past 24 months.
  • Loan purpose: fix and flip or fix & hold
  • Loan size: $50,000 – $2,500,000
  • Line of credit amount: $100,000 to $10,000,000
  • Loan term: 9-12 months with extension available
  • Rate: fixed, interest only
  • Max % of acquisition funding (LTC): 90%
  • Max % of rehab funding (LTC): 95%
  • Max LTV (based on after repair value): 75%
  • 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, LTV, verification of application information and other risk based factors.

Categories

Get Pre-Approved

Start by applying to get pre-approved today.

Recent Posts

Call Now Button