Fix and Flip Loan Program Overview
We are happy to announce that we are now offering a Fix and Flip Loan Program to real estate investors that requires no previous experience. Spartan Commercial Mortgage presently offers fix and flip as well as fix and hold investor Lines of Credit to experienced investors. We are taking that model and have come up with a program that allows people new to industry to fix and flip their first property. This new fix and flip loan program allows new real estate investors to learn the ropes and close their first deal!
Investor Line of Credit
The Fix and Flip Loan Program is set up as a line of credit. This allows the borrower/Investor to draw out money as he or she requires. The line can be used for buying as well as fixing the property. Here is what you need to know:
1. Historically, borrowers with no experience will need to show they have the reserves in their bank statements. Whereas, an experienced flipper will just need to show a personal financial statement.
2. Secondly, borrowers can purchase multiple properties with this line of credit. The line of credit renews after every flip.
3. In addition, the standard length of this program is 12 months. And extensions are available for longer!
4. Furthermore, investor mortgage credit lines are from 50K to 5MM.
5. Finally, the funding of this program varies depending on experience (again, none is required), credit score (minimum credit is usually a 620), and the real estate in question. Spartan Commercial Mortgage has the ability to offer financing of up to 85% of the purchase and 100% of the rehab. With no experience, investors will be required to put a bit more down on the purchase (but get 100% financing on the rehab). Contact us to find out what type of financing you qualify for.
Eligible Properties
– Single-family detached residences (SFR).
– 2-4 unit residences.
– Condominiums as well as Town-houses.
– Planned Urban Developments (PUD) are also acceptable.
– Multi-family of 5-20 units (borrowers must have experience with these types of projects).
– Mixed Use (25% or less being commercial).
Call us today for a free consultation. The preapproval process is very easy. We specialize in Fix and Flip Loans and are waiting or your call.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572