Fix and Flip Mortgages
Spartan Commercial Mortgage offers amazing Investor Rehab Loan Programs. Most noteworthy among these programs are our investor fix and flip or fix and hold investor Lines of Credit. These programs are ideal for investors that are looking to close on properties quickly and begin renovation.
Investor Line of Credit
The Investor Rehab Loan 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 a quick overview of the program:
1. First of all, borrower do not need experience in order to qualify for this loan program. But, the more experience someone has does allow for better rates and terms.
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 is up to 85% of the purchase and 100% of the rehab. The program allows for 70% financing of the final rehabbed property (ARV).
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. Furthermore, 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 Investor Rehab Loan Programs and are waiting or your call.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572