The loan can be structured as a 6, 7, 8 or 9 month loan, with the associated interest rate adjusting incrementally higher for a 9 month loan versus a 6 month loan.
The minimum down payment is 15% of the total of the purchase price plus the rehab budget amount.
Can Fix and Flip loans be funded on purchase as well as on an already owned property/refinance transaction?
Yes, we can structure a Fix and Flip loan on an already owned property and even provide cash out at the time of funding the Fix and Flip Loan.
Yes. Auto payments can be set up to make payments paperless.
All our Fix and Flip Loans have a built-in extension. The extension term is for an additional 3 months at a 1% fee.
If a loan extension is needed, you will pay 1% fee off the Full Loan Amount before the initial maturity date.
Two draws may be requested per month.
Please expect to receive your Draw in 3 to 5 business days.