Fix and Flip Loans: A Property Investors Key to Success
We already know that house-flipping is a lucrative business if you do it right. The keys to success are deciding what renovations will give you the most bang for your buck and selecting loan options that make sense for your situation. At MortgageDepot, we understand the implications of this balancing act. That’s why we offer Fix and Flip Loans with attractive terms to our valued investors.
What Is a Fix and Flip Loan?
Fix and Flip Loans are short-term financing options used to cover the up-front costs of a property renovation. These loans target property investors who plan to rehabilitate a home and sell it for a profit. They are short-term arrangements that usually don’t extend beyond two years.
Benefits of Fix and Flip Loans
Our Fix and Flip Loans were created with your best interests in mind. When you partner with us, your Fix and Flip Loan will give you:
- Financing to rehabilitate single-family homes, multi-family residences, mixed-use structures and condominiums.
- The funds to conduct minor renovations or complete overhauls on properties with potential.
- Hassle-free closings so that you can put money in your pocket faster.
- The ability to qualify for more favorable loan terms with us in the future.
Fix and Flip Loans From MortgageDepot
Our experienced team is dedicated to helping property investors reach their financial goals. Whether you are an individual or are part of something bigger, we offer loan options to fund single or multiple projects. Here are a few things that make our Fix and Flip Loans stand out:
- Loans ranging from $50,000 to $3 million are available.
- We offer 12- or 18-month loan terms, giving you extra time to get the job done.
- An interest on drawn balance option and an 18-month loan term are offered at no additional cost to the borrower.
- Borrowers require a minimum credit score of 620.
- Funds for up to 100% of rehabilitation costs are available. A maximum LTC of 95% and a maximum ARV LTV of 75% apply.
- Borrowers don’t need to possess previous experience as property investors.
- Soft costs, such as contractor fees, contingency fees and permits, are included in financing.
- Extensive property rehab financing is available to qualified borrowers.
- Borrowers may opt to set up interest reserves.
- Optional interior DVI is available for experienced investors. Experienced investors include those who have at least three successful flips, builds or rentals in the past three years in their investment portfolio.
Contact MortgageDepot Today!
Are you a property investor who needs to manage multiple projects at the same time? Do you need up-front cash to turn your diamonds-in-the-rough into the homes that everyone wants? Contact MortgageDepot today! We’ll help you secure the financing you need to reach your real estate goals.
Connect with one of our loan consultants to learn more.