Fix and Flip Programs
Spartan Commercial Mortgage offers several fix and flip programs to our borrowers. Most noteworthy of these options is our Line of Credit fix and flip loans as well as our fix and hold loans. This program is ideal for investors that are looking to close on properties quickly and begin renovation.
How it Works
The Fix and Flip/Hold 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:
1. First of all, you do not have to have experience with Flipping properties.
2. Secondly, borrowers can purchase multiple properties with this line of credit. The investor line of credit 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 90% LTV (1-4 units) of the rehab and purchase. The program allows for 75% financing of the final rehabbed 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 (max LTV is 80%).
– Mixed Use (25% or less being commercial).
Call us today for a free consultation or click here to get pre-approved. We specialize in Fix and Flip Programs and are waiting or your call.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572