Fix and Hold Loan Program Overview

Spartan Commercial Mortgage offers a Fix and Hold Loan Program for real estate investors! Most newsworthy about this program is that it requires no previous experience. This program is similar to our fix and flip program. The only real difference is that it is done in two closings. The initial closing is for the purchase or the property as well as the rehab. The second closing is for the permanent financing which can go up to 30 years!

Investor Line of Credit

The Fix and Hold 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. Borrowers with experience traditionally only need to show a Personal Financial Statement for their reserves. But, borrowers without previous experience will need to show bank statements showing their funds needed to close.

2. Secondly, borrowers can purchase multiple properties with this line of credit.  The line of credit renews after every flip or when the loan is taken off the line through a refinance.

3. In addition, the standard length of this program is 12 months for the rehab process.  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. 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.

Call us today for a free consultation. The preapproval process is very easy. We specialize in Fix and Hold Loan programs and are waiting or your call.

Thanks,

Michael Meyer

President Spartan Commercial Mortgage Services 

mike@spartancommercialmortgage.com  

(860) 876-0572