Fix & Flip Loans-Financing up to 90% of Purchase Price & 100% Rehab- Up to 75% of ARV
As a mortgage broker, I work with different lenders that do Fix & Flip loans. The programs are created for investors who buy distressed homes, repairing them and then either selling them or holding them for rental income and flipping the hard money loan to a long term DSCR loan where the rents will underwrite the loan.
Program highlights:
- -Any level of investor experience
- -Funding in as little as 10 days
- -Credit scores as low as 640
- -Non-owner occupied Single Family, Multi Family up to 4 units property types
- -Purchase Loan Amount – up to 90% of Cost
- -Rehab Loan Amount – up to 100% of Cost
- -75% maximum after repair value
- -12 to 24 month loan term with Interest Only payments. At the end of term, can either sell or refinance into a longer term fixed DSCR rental property loan. This can be done earlier as well if the property is ready before the term is up.
-Decisions and term sheets are issued quickly. Terms will depend mainly on borrower's credit score and location of property. Experience is a factor but is secondary to the other criteria. Loans offered in all U.S. states except for Idaho, Iowa, North Dakota, South Dakota and Utah.
There are more lending options in: AZ, Washington D.C., AR, AL, CA, CO, CT, FL, GA, IL, IN, KS, KY, MA, MD, MI, MN, MO, NC, NJ, NV, NY, OH, OK, OR, PA, SC, TN, TX, VA, WA, WI, and WV.
