Spartan Commercial Mortgage offers investor fix and flip loans throughout the Connecticut and the surrounding states. Most noteworthy about this program is that it is done as a line of credit rather than one singular loan. This program is ideal for investors that are looking to close on properties quickly and begin renovation. We also offer fix and hold mortgage solutions as well. The Investor Fix and Flip Loans we offer puts the borrower in control of the process from start to finish.
Investor Line of Credit
The Fix and Flip Mortgage Line of Credit allows the borrower/Investor to draw out money as he or she pleases. This is done for the purposes of buying as well as fixing and ultimately flipping the property. Or the property investor may choose to refinance and then rent out the properties! Here is a quick overview of the program:
- First off, no experience is needed. With that said, the more experience a borrower has – the better the rate and terms are.
2. Secondly, borrowers can purchase multiple properties with this line of credit. The investor mortgage credit line renews automatically once the property is flipped.
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 goal is that these two amounts equal 75% of the after repair value of the property.
Eligible Properties
– Single-family detached residences (SFR).
– 2-4 unit residences.
– Condominiums are also acceptable.
– Townhomes.
– Planned Urban Developments (PUD).
– Multi-family of 5-20 units.
– Mixed Use (25% or less being commercial).
Call us today for a free consultation or click here to get pre-approved. We specialize in Investor Fix and Flip Loans and are waiting or your call.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572