Fix & Flip Loans
House flipping has been a popular real estate investment strategy for several years now, and it doesn’t appear to be slowing down anytime soon. If you’re considering getting in on the fix-and-flip trend and are considering using borrowed capital to purchase and renovate a property, there are several critical pieces of information you should know before signing a contract.
RESIDENTIAL ONLY: 1-4 Units
Up to 90% Loan to Cost, PLUS 100% of the Rehab, & up to 75% ARV:
- - Up to 90% LTC
- - Loan to Value: up to 90% of the Purchase Price and 100% of the rehab cost
- - Loan Amounts: $75,000 to $3,500,000
- - Interest rates: Depending on the borrower’s profile
- - Loan Term: Up to 12 months
- - Payments: Interest only monthly, interest reserve required for loans 12 months +
- - Lien Position: First Only
- - Prepay: none
- - States: Available in ALL STATES (except NV, AZ, SD, ND, MN, OR, VT)
Documents for Purchase and Rehab Loans:
- - Application (download on Apply Now page)
- - Rehab Budget Form
- - Valid ID
- - Purchase and sale agreement for the property, if already under contract
- - 2 months bank statements or PFS Statement
- - LLC or Corp documentation for the entity in which you will be vesting title.
- - Insurance policy quote for the property prior to closing
- - Contact information for your closing attorney or title company (We also have our preferred company as well)
Borrower’s Profile Parameters:
- Preferred borrowers can be Corporations or Limited Liability Companies
- Reasonable existing income
- Reasonable cash reserves of about 5-10%
- Reasonable net worth
- Credit score – 660 or better
- Ability to perform exit strategy required
