Fix & Flip Loan
A Fix and Flip loan is a specialized financial product tailored for real estate investors who wish to purchase a property with the purpose of renovating it and subsequently selling it for a profit. These loans are typically offered by private lenders like Flipper Cash, and they are asset-based, primarily considering the property's value and its potential for generating income.
Who is it for?
A Fix and Flip loan is ideal for astute real estate investors seeking quick and flexible financing for projects with rapid turnaround. This type of loan enables investors to swiftly acquire their next property, expand their real estate ventures, and optimize their returns.
We encourage such investors to apply for pre-approval today. We can provide you with a Proof of Funds letter to enhance your next offer and give you a competitive edge in the market, allowing you to act swiftly compared to your peers.
| Terms | |
|---|---|
| Loan Amount | Up to 100% of Cost (Purchase + Renovation) limited to 65% of ARV. |
| Origination Fee (Points) | 0% to 5% of loan amount (payable at closing) |
| Interest Rate | 9.99% to 15.99% interest-only monthly payments |
| Pre-Payment Penalty | None after 90 days. |
| Term | 6-18 months (1% fee per 3-month extension) |
| Time to Fund | 7 to 11 business days |
| Credit | 400 and above Credit accepted |
| Qualifications & Requirements |
|---|
| 400+ Credit. Scores below 620 will require a min 35% down payment (or equity) in property and no open bankrupty. No history of recent foreclosure |
| Liquid Reserves are not required but borrower will get the best rate and terms with liquid reserves |
| No Income required |
| Completed Loan Application |
| $499 Processing Fee |
| No Appraisal required. We do an internal property valuation |
| Personal Guarantee is required |
| Loans can be made on Investment or business properties only. We do not finance primary residences |