Do you want a logical & professional solution to obtain a Fix Flip Loan?
Finances and/or bad credit history shouldn’t be your obstacle to obtaining a rehab loan if you can handle the work and make a nice profit!
Yes, logical and not just professional. The Fix Flip loan will determine if financing your property rehab will make logical sense and leave you with a nice tidy profit.
That would include neighborhood comparison, an analysis for the scope of work, exit strategies, etc. Ultimately, you want your project to be a positive & profitable experience. Rinse, repeat, and then go rehab another home.
To be clear, the Fix Flip Loan is is only for professional rehab specialist with a business license – LLC, limited partnerships, C-corps, or S corps. Also, rehabbers need to be ready with your documents if you’re serious about obtaining your financing. So be ready with your documents.
This funding source has more
money than it has deals to fund so as long as they can receive a complete file
then you can have an answer within 3days while closing depends mostly on the return of the Appraisal.
Before applying, judge for yourself, be your own loan analyst and ask these key questions. Let’s use logic based thinking!
Risk Based underwriting is what we normally think of as Bank Lending with each institution's various nuances. If the home is appraised at $200,000 then the loan will be based on that appraisal.
A professional & Logical underwriter anticipates what your intended property will be worth after its Fixed & Flipped while the Risk Based loan likely does not anticipate ARV, after repair value.
Also, the logical underwriting acts as insurance against the Fix & Flip rehabber losing money. For a small fee of the $249 application fee, receives a professional 2nd opinion how to proceed and profit.
1st, ask for & fill out the application and be ready to talk about any circumstances surrounding the rehab project – credit problems, creative financing, your ability to manage the workload. The more information offered upfront, the higher the comfort level.
If the request looks good then a $249 front end application fee will be requested. This covers background & credit check & a review of your rehab property neighborhood value. This fee will also save a person from paying the appraisal fee if the front end review doesn’t go well.
$499 evaluation fee. If the front end application fee goes well then an evaluation fee will be requested. Since closing depends on this and this could take 7 – 10 days, then its best to get the evaluation ordered soon after the front end application is approved.
Submit all other required documents and we will go over that list when the time comes.
Finally, when terms of
agreement are all worked out then a $997 back-end fee will be requested. This includes processing the underwriting and
file preparation. Your Fix Flip Loan is now on its way to settlement.