Spartan Commercial Mortgage offers Rehab Flip Loans throughout the Connecticut and the surrounding states. Most noteworthy about this program is that it is done as a line of credit rather than one singular loan. This program is ideal for investors that are looking to close on properties quickly and begin renovation. We also offer fix and hold mortgage solutions as well. The Investor Rehab Flip Loans we offer put the borrowers in control of the process from start to finish.
How the Rehab Flip Loans Work
The Rehab Flip Line of Credit allows the borrower/Investor to draw out money as needed for their projects. 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. Prior to the pandemic we did not require borrowers to have real estate investment experience. Presently, we are looking for borrowers to have experience in either flipping or owning real estate investments in the last 3 years. Borrowers are also required to have a minimum of 50K in liquid reserves (cash, stocks, bonds, Roth IRA).
2. Secondly, borrowers can purchase multiple properties with this line of credit. The Rehab Flip credit line renews automatically once the property is flipped. This then gives borrowers the ability to continuously buy more properties.
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 was up to 90% LTV of the rehab and purchase. The program allows for 75% financing of the final rehabbed property. Due to the pandemic the LTV ratios are now reviewed on a case by case basis. In many cases borrowers are getting 85% LTV of both the purchase and refinance of the property.
Eligible Properties
– Single-family detached residences (SFR).
– 2-4 unit residences.
– Condominiums are also acceptable.
– Town-homes.
– Planned Urban Developments (PUD).
– Multi-family of 5-20 units (borrower must have experience with 5+ units)
– Mixed Use (25% or less being commercial).
Call us today for a free consultation or click here to get pre-approved. We specialize in Investor Fix and Flip Loans and are waiting or your call.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572