Fix and Flip Loan

Although Fix and Flip Loan are similar to a Rehab Loan, they are not identical.

New - Fix and Flip Loan Program - Up to 90% on purchase and rehab Click here for more details

A Fix and Flip Loan offers up to 80% financing on 1-4 family Non-Owner Occupied of the purchase price or the as is appraisal value; whichever is less.Fix and Flip Loan

There is no minimum credit score requirement on a Fix and Flip Loan.

Monthly payments; interest-only with the Principal due at maturity, usually 12 months and there are no prepayment penalty. Average closing time line is 10 to 15 days.

Although a Fix and Flip Loan only offers up to 80% financing, you have more flexibility than you would have with a Rehab Loan. Since Rehab Loans require credit enhancement in the form of a mortgage on the borrower's primary residence or investment property with equity.

With a Home Equity Lines of Credit (HELOC), you can use the funds repeatedly for the down payment, repairs and closing cost on all your projects. You would be complete control of the projects, no draw request,
or inspection on the property to worry about.   

Alternatively, you can get a Fix and Flip Loan on an investment property that you are holding as a rental; the max LTV is 70% on refinance, the term is 12 month with interest-only monthly payments with the Principal due at maturity and there are no prepayment penalty.

Some Real Estate Investor are using their investment properties that they hold as a rental by getting a blanketFix and Flip Loan on  2 or 3 of their investment properties in advance, so they can have ready cash on hand when a great deal is found. 

Fix and Flip Loan Program:

Loan size $50,000 to $2,000,000

Property Type:  1-4 family Non-Owner Occupied
         Commercial Properties (case by case)

Purchase:
Up to 80% on purchase price or the as is appraisal value; whichever is less.

Refinance:
Up to 70% on as is appraisal value

No second mortgage on subject property allowed

Credit:
There is no minimum credit score

Terms:
12 months; no prepayment penalty

Payment:
Interest-only monthly payments with the Principal due at maturity

Rate:
  12% (1% a month)

Closing Cost:
6 to 8 Points (minimum $5,000 per deal)

Average closing time line
  10 to 15 days.

The borrower is required to have an LLC, corporation, or corporate entity named on title

Lending Area:
  Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, Wyoming

States outside Lending Area on a Fix and Flip Loan: Maine, Vermont, and Louisiana

Fix and Flip Loan Request

 
 

 

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House Flipping with a Fix and Flip Loan

Fix and Flip Loan