- Nationwide investment lending
- Primary residence financing throughout Florida
- Questions? Speak with our team
- 561-609-6699
Our Florida Fix and Flip rehab loan is for the real estate investor who wants to purchase and renovate a Florida residential or commercial real estate investment property. The Fix-N-Flip loan offers 80% financing of the purchase price and 100% of the rehab costs.
Private investors looking to invest capital see bottom of this page
For Illinois, Maryland and New Jersey: Minimum credit score of 725 required for clients with a loan amount of $150,000.00 or less.
To qualify for funding approval, you must provide most recent 2 months bank statements that reflect an ending balance that covers the following specific transaction related items:
Minimum dollar amount of loan origination fee is $4,500.00
See bottom of this page for list of required documents
Single Family residences and 2-4 units. Non owner-occupied only. No primary residence or vacation homes. No condoās.
80% of purchase and 100% of rehab not to exceed 75% of the After Repair Value (ARV)
Funding Scenario Example
Plus lender fees and closing cost
Borrower is responsible for down payment of total project cost, plus lenders fees and closing cost.
Funding can only be approved in a business entity name. There is no seasoning requirement on the age of the business entity. Entities include: LLC, LLP, S-Corp, C-Corp.
After completing a pre-qualification application we can also promptly provide you with a proof of financing letter(s) to assist you in making offers on prospective investment properties. To obtain a proof of financing letter you must provide a copy of your most recent bank statementreflecting a balance of the minimum required funds to close.
You must clearly document that you have the funds to close, which includes; down-payment, lender fees and closing cost. Loan files are not submitted for underwriting approval without proof of funds to close.
On average we can close in about 12-15 business days from the time we receive ALL REQUIRED DOCUMENTATION. Delays in closing are normally due to appraisal/property value, title issues, etc.
Minimum loan amount is $75,000. There is NO MAXIMUM loan amount.
A traditional full property appraisal is ALWAYS required to underwrite and fund a investor loan for this product. We will order an expedited appraisal at time of submission of loan file for underwriting approval. Cost of appraisals vary based on geographical market but can typically range from $450.00 ā $695.00.
No verification or documentation of personal or business income is required. Borrower will have to produce copy of of last years personal tax return to document that income taxes are being paid. Income is NOT used as bases for qualifying.
Single family residences and 2-4 residential units. No condoās.
Purchase and rehab transactions only.
Interest rates range on average from 9.99% to 12% depending on credit score and number of prior completed fix and flip transactions within last 12 months. See guidelines above.
Property Insurance Requirement
All fix and flip transactions require a ābuilders riskā property hazard insurance policy with coverage for 12 month term.
Seller may contribute up to 3% of the agreed purchase price towards buyer closing cost expenses or concessions in the contract to purchase.
Subordinate financing is NOT allowed, which includes 2nd mortgages and seller held financing.
There is no maximum loan amount
13 months
Fixed monthly payment, interest only
None
(LTV): Up to 75% LTV
Typically 7-10 business days
Interest only or amortized
Private Investors ā EARN 10% TO 12% INTEREST INVESTING IN INCOME PRODUCING FIRST TRUST MORTGAGE DEEDS INSURED WITH TITLE INSURANCE AND HAZARD INSURANCE.
You can invest with as little as $75,000. Many of our investors invest with their IRA funds. Please note, however, that investing in first trust deeds involves taking on some risk, and a severe and prolonged decline in real estate values is possible.
Please call our office for full details.Ā (561) 609-6699.
Ā
Your credit score is low (Under 600)
Self-employed business owners
You do not claim all of your income on your tax return
Non-U.S. citizen and receive non-documented payments
You are unemployed and do not meet the income requirements for a traditional loan
Your debt to income ratio is poor
Despite its name, there are still some pieces of paperwork you will generally need to supply with this type of loan. For example, the lender may still require a credit report in order to determine your current credit score. In addition, the lender will want to get an appraisal of the home in order to make certain the amount of the loan is worth the value of the home. It is possible to obtain one of these loans without this paperwork as well, but it is generally much more expensive.
+1 (615)909-3641
