Single Family Fix and Flip Loan Overview
Single family fix and flip loan programs are a great resource for Real Estate investors. Most noteworthy among these programs are our investor fix and flip or fix and hold investor loans. These programs are ideal for investors that are looking to close on properties quickly and begin renovation.
Investor Line of Credit
The Single Family Fix and Flip Loan Program can be set up as a line of credit or for an individual flip. 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 a quick overview of the program:
1. Historically, you did not have to have experience with flipping properties to qualify for this type of financing. But, the more experience a borrower has the better the terms of the loan will be!
2. Secondly, borrowers can purchase multiple properties at the same time with our program.
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 allows for up to 85% of the purchase and 100% of the rehab. The goal is to be at 70% of the ARV (after repair value).
Eligible Properties
– Single-family detached residences (SFR).
– 2-4 unit residences.
– Condominiums as well as Town-houses.
– Planned Urban Developments (PUD) are also acceptable.
– Multi-family of 5-20 units. Furthermore, borrowers must have experience with these types of projects.
– Mixed Use (viewed on a case by case basis).
Call us today for a free consultation. The preapproval process is very easy. We specialize in Investor Rehab Loans and are waiting or your call.
Thanks,
Michael Meyer
President Spartan Commercial Mortgage Services
mike@spartancommercialmortgage.com
(860) 876-0572