Fix-and-flip loan are short-term loans used by real estate investors to purchase and improve a property to then sell for a profit or refinance. These improvements range from minor renovations to a complete reconstruction of an existing home. The initial draw will be calculated based on the As-is Value of the Property and the renovation budget will be advanced in construction draws. - Max Loan Amount: $100,000 to $5,000,000.*
- Property Types:*Residential * Commercial * Industrial
- Investment Only
- Max LTC/ARV (Loan to Cost / After Repaired Value)*:
* Up to 90% Purchase + Rehab
* Up to 100% Rehab
* Up to 70 % After Repair Value
Other Options:
* 15% Down with 75% Rehab, No Appraisal, Closing in 3 days
* Up to 100% Financing for experienced Clients - Term of loan: 12 to 24 months *
- Payments: Monthly Interest Payments with Balloon at Maturity
- Prepayment penalty: None
- Credit Score: 620+ *
* Depends on Program Chosen BETTER FOR Clients, REALTORS and Builders: a) better Choice of Properties. b) Longer Build Periods,
c) Higher Loan amounts
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