Fix & Flip Loans Made Easy
Spartan Commercial Mortgage specializes in Fix & Flip investments for the real estate investor. All loans include financing for purchase as well as 100% of the construction funds to renovate the property.
About Our Program
- 1-4 unit properties
- Non-owner occupied
- 12-month terms
- Loans range from $50,000-$5 million
- Loan-to-value to 85% to 90% of the purchase price
- 100% of the rehabilitation funds provided
- 70% maximum after repair value
- No prepayment penalty
- No Fee for the application
How does a fix & flip loan work?
When working with a fix and flip mortgage provider, investors usually need to only come to closing with a down payment percentage.. Typically, a hard money fix and flip loan will finance between 80% to 90% of the purchase price. Interest rates can vary but are usually between 10% and 12% with origination points running between 0% to 3%.
The terms of hard money loans are relatively short and are specifically tailored for fix and flip projects with clearly defined timelines. When compared to 203K loans, hard money lenders are considerably more flexible regarding the loan approval metrics and underwriting policies as well as having the ability to close the lending process in a fraction of the time it takes conventional banks to.
At Spartan Commercial Mortgage we pride ourselves on helping you every step of the way to get your loan closed. We offer fast and competitive financing solutions in Connecticut, Massachusetts, Rhode Island, New York, and New Jersey. Borrowers can contact us below via phone or email. As well, you can click here to apply online.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572