Fix and Flip Mortgages for Real Estate Investors
Spartan Commercial Mortgage offers Investor Fix and Flip Mortgages. Most noteworthy about this program is the ability to do it as Line of Credit fix and flip loans or as one of our fix and hold loans. This program is ideal for investors that are looking to close on properties quickly and begin renovation.
How do Investor Fix and Flip Mortgages work?
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. Borrowers are required to have liquid reserves (cash, stocks, bonds, Roth IRA)
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 for this program for First Time Fix and Flip borrowers will depend on several factors. Experienced borrowers can get up to 90% financing of the purchase and 100% of the rehab. Borrowers that are new to fixing and flipping will get financing based on their net worth and credit score.
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 Loans and are waiting or your call.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572