With channels like HGTV, many people have come to be very familiar with the terms like “fixer-upper” or “flipping houses.” Many would love to try it themselves, but financing can be an issue. Fix & Flip financing is meant for exactly that, funding to renovate and sell residential real estate.
· Loans for non-owner occupied residential single family plus real estate
· Acquisition funding can be up to 85% of the LTV (loan-to-value)
· Up to 100% of the renovation costs may qualify – purchasers will be asked to provide a budget and estimated cost
· Total loan not to exceed more than 75% of the ARV (after-repair-value)
· Interest only with terms of 12 – 24 months
· Minimum loan amount is $100,000
· First time flippers may qualify with relevant related experience
This type of funding provides opportunity for many different types of buyers. Whether they are experienced and have flipped multiple homes, or if this is their first one – Fix & Flip funding is a flexible and valuable product! Contact CPN today to get more information and to start the process to get your funding.