Fix and Flip Mortgages
Fix and Flip Mortgages are a great resource for Real Estate investors. 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 Fix and Flip Mortgages are 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:
- You d0 not have to have experience with flipping properties to qualify for this type of financing.
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 80%-90% LTV of the purchase and 100% of the rehab. The program allows for 75% financing of the final rehabbed property. Essential
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 Loans and are waiting or your call.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572