Flip Mortgage and How They Work
Spartan Commercial Mortgage specializes in Flip Mortgages for real estate investors. All loans include financing for purchase as well as 100% of the construction funds to renovate the property. That is correct, 100% of the rehab is covered!
About Our Program
- 1-4 unit properties
- Non-owner occupied
- 12-18 month terms
- Loans range from $75,000-$5 million
- Loan-to-value to 80% to 95-% of purchase the purchase price
- 100% of the rehabilitation funds provided
- 70% maximum after repair value
- No prepayment penalty
- No Fee for the application
Tell Me More About Flip Mortgages?
When working with a fix and flip hard money provider, investors usually need to provide more capital up front to devote to the project. Typically, a hard money fix and flip loan will finance between 80% to 90% of the overall project cost, which means the investor will have to cover the remaining 10%-20% up front. Interest rates can vary but are usually around 8% to 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 for the application. As well, you can click here to apply online.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572