866-577-9522
866-577-9522
A fix and flip loan is a type of short-term financing used by real estate investors to purchase a property, renovate it, and then sell it for a profit. This type of loan is specifically designed for properties that require repairs or renovations before they can be sold at a higher price. Fix and flip loans typically have higher interest rates and shorter terms compared to traditional mortgages. Investors use these loans to quickly acquire and improve properties, maximizing their return on investment.
Fix and flip loans are beneficial for real estate investors looking to fund their projects quickly and efficiently. These loans provide the necessary capital to purchase properties, make renovations, and sell them for a profit in a timely manner. By leveraging fix and flip loans, investors can take advantage of opportunities in the real estate market and generate returns on their investments.
TIER 1 = NO EXPERIENCE
70% OF PURCHASE PRICE +100% OF REHAB UP TO 65% OF THE AFTER REPAIR VALUE
TIER 2 = 1- 2 DEALS COMPLETED
75% OF PURCHASE PRICE + 100% OF REHAB UP TO 70% OF THE AFTER REPAIR VALUE
TIER 3 = 3-4 DEALS COMPLETED
80% OF PURCHASE PRICE +100% OF THE REHABUP TO 70% OF THE AFTER REPAIR VALUE
TIER 4 = 5-6 DEALS COMPLETED
85% OF PURCHASE PRICE +100% OF THE REHAB UP TO 75% OF THE AFTER REPAIR VALUE
TIER 5 = 7+ DEALS COMPLETED
90% OF PURCHASE PRICE + 100% OF THE REHAB UP TO 75% OF THE AFTER REPAIR VALUE
FIX AND FLIP INTEREST RATES AND FEES
ANNUAL INTEREST RATES STARTING AT 9.99%
ORIGINATION FEES START AT 1.50%
RATES AND FEES ARE DETERMINED BY DEAL LOCATION, LOAN SIZE, STRUCTURE, AND BORROWER QUALIFICATIONS LIKE EXPERIENCE, NETWORTH AND LIQUIDITY. RATES AND FEES ARE SUBJECT TO CHANGE WITHOUT NOTICE.
TERM: 12 TO 18 MONTHS WITH UP TO 2 EXTENSIONS
PREPAYMENT PENALTY: NONE
MINIMUM FICO SCORE: 660 OR HIGHER
MINIMUM LOAN AMOUNT OF $50,000
MAXIMUM LOAN AMOUNT OF $3,500,000
BACKGROUND: NO FINANCIAL CRIMES OTHER BACKGROUND ISSUES MAYBE OK WITH A ACCEPTABLE LETTER OF EXPLANATION.
POPULATIONS MUST BE ABOVE 30,000.
APPRAISAL MUST BE ORDERED VIA AN APPRAISAL MANAGEMENT COMPANY OF EASYLOANFUNDER.COM'S CHOICE.
REHAB MAY EXCEED THE PURCHASE PRICE FOR EXPERIENCED BORROWERS.
FIRE, WATER, MOLD, AND STRUCTURAL DAMAGE OK.
A SURVEY WILL BE REQUIRED FOR LOAN AMOUNTS ABOVE $500,000.
THE PORTION OF THE LOAN HELD AS THE REHAB HOLDBACK WILL BE FUNDED ON A DRAW REIMBURSEMENT SCHEDULE.
NO DRAW INSPECTIONS REQUIRED FOR DRAW REQUESTS UNDER $50,000.
ENTITY ON TITLE MUST BE A BUSINESS ENTITY.
ENTITY ON TITLE MUST HAVE BOTH COMMERCIAL LIABILITY AND BUILDER'S RISK INSURANCE.
MARKETS MUST BE STABLE. NO EXCESSIVE BOARD UPS, OR AREAS WHERE THE DAYS ON MARKET EXCEEDS 180.
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