Fix and flip loans or hard money loans are short-term loans typically used to buy real estate properties that need repairs.
These loans will usually finance up to 70% of the after repair value.
The total amount financed includes the repair budget and most of the purchase price.
Most lenders will require that you put some money down toward the purchase price.
Generally, the down payment requirement is 20% of the purchase price however, some lenders may require less depending on many factors, such as credit scores, the investor’s past experience, and history, their net worth, the deal structure as well as total cash on hand.
Most fix and flip lenders like to see at least the down payment amount and six months of interest payments in the bank account to show that they are liquid enough to pay on the fix and flip loan.
Interest rates can range from 5-12% annual interest and fees can range from 2-5 points.
Fix and Flip loans are considered to be very expensive but they still offer a good option because they can fund a property quickly usually within 7-10 days.
Ultisky Real Estate Holdings LLC has partnered with the top fix and flip loan lenders in the U.S. in order to provide you with the best loan options for your next rehab project.
We will shop your loan request to find you the best fix and flip loan options from trusted leading partners.
We can get you pre-qualified in short order and provide you with a loan commitment letter once you submit your documents for review within 24 hours and close within 7-10 days.
FYI. once you get pre-qualified your lender will require some standard documents. Below is a general list of documents that you should have available to email upon request to speed up the approval process.
- 1003 Real Estate Loan Application Click Here for Residential. Click here for Commercial
- Last 2-month banks statement personal and business
- Copy of the purchase and sale agreement
- The scope of Work and Rehab Budget from the Contractor
- Copy Of the Contractors Licence
- Executive Summary (This is not needed but it is highly recommended because you provide it will show you are a professional who will do PROFITABLE more deals.)
- Copy of your Driver’ License
Keep in mind every lender is different and some of them may not requires some of these documents but if you have them on hand it will save you a lot of time.
Ultisky Real Estate Holdings has partnered with the best residential and commercial real estate fix and flip lenders nationwide.
We have the network to find you the absolute best option for your next real estate project.
Click the links below to get started.