The Beginners Guide to the Fix and Flip Loan Program
An excellent strategy for making getting high returns on your real estate investments is to “fix and flip” – purchasing a distressed property in need of TLC, renovating it, then selling it for a profit. To ensure that your acquisition and rehabilitation do not exceed your profit potential, you should consider a Fix and Flip Loan Program, which is specifically designed to facilitate this investment strategy.
The Features and Requirements of a Fix and Flip Loan Program
One of the key advantages of most fix and flip loans is their accessibility: the requirements are fairly reasonable and the benefits highly conducive to the fix and flip strategy. Here’s a quick rundown:
- Only for investment properties.
- Single family homes, one to four unit properties, and five-plus multifamily properties eligible
- Interest rates starting from 8%.
- Loan to Value ratio of 85% of purchase price, with up to 100% combined loan to value (CLTV) for rehab financing.
- One to four year terms.
- No fix and flip experience required, though you’ll enjoy more favorable rates and terms with more experience.
- Limited documentation.
- Few prepayment penalties.
- Foreign borrowers can qualify.
- Gift funds allowed.
- No seasoning requirement.
To get the best possible terms and conditions on your fix and flip loan, it helps to team up with a mortgage broker who can offer a wide variety of promising fix and flip loan programs.
Hire Experts in the Fix and Flip Loan Program
Legacy Park Mortgage is dedicated to helping our clients find the best loan programs on the market. That is why we maintain a broad network of trusted lenders that include providers of fix and flip loans. Moreover, we will work closely with you to find the loan that’s right for you. To learn more, please email us at firstname.lastname@example.org or give us a call at (305) 901-1791.