100% Fix and Flip No Appraisal

September 23, 2024

100% Fix and Flip No Appraisal

FBC Funding now offers a new 100% Fix and Flip no appraisal. Yes that is correct. With our new 100% fix and flip program we are not requiring an appraisal. As this is a new product we are initially rolling it out in only 8 states. If you are a real estate investor looking to scale up your business in one of the following eight states, this is the program for you. The eight states we are offering the 100% fix and flip no appraisal program are Arkansas, Oklahoma, Missouri, Texas, Georgia, Ohio, North Carolina and Tennessee. There are many great benefits for investors looking for no money down fix and flip funding. Here is a list of the benefits.

Benefits of 100% Fix and Flip No Appraisal

There are several key benefits to 100% financing fix and flip program which include:

100% of the purchase price and 100% of the rehab financed up to 7o% of the after repair value. This is great for investors who are doing multiple deals, or just want to front as little money as possible.
No appraisal required. Our automated value model with our desktop appraisal system will allow us to close these loans without a traditional appraisal. Additionally, if value comes in low we can still order appraisal through an appraisal management company.
Quick close. With no appraisal required we can close loans in 5 to 10 days or less.
No minimum credit score required. We will still order a credit report and do a background check to confirm no major derogatory credit such as foreclosure or recent bankruptcies as well as check for financial crimes.
No minimum experience required. First time investors eligible.
Unlimited draws. This again helps borrowers with unlimited funds and helps the project get completed sooner. If you have limited funds you can order draws as soon as possible without needed it to be a minimum amount. Thus you can continue working to complete project quicker.

Guidelines for 100% Fix and Flip No Appraisal

States: Arkansas, Oklahoma, Missouri, Texas, Georgia, Ohio, North Carolina and Tennessee. County must have population of 100,000 or more.
Purchase Price and Rehab LTV: 100% of the purchase price and rehab not to exceed 70% of the after rehab value. Subordinate financing available.
Loan Amount: Minimum loan amount $100,000 and maximum loan amount $500,000
Term: 6 months, with 3 month extension options.
Rate & Points: 12% and 4 points
Liquidity: Closing Costs plus 10% of rehab budget plus 6 months of interest only payments – verified with the last 2 months banks statements
Citizenship: US Citizen, Non Permanant Residents and Foreign Nationals
Borrower: US Based Business Entities (LLC, LP, Corp, etc.) with personal guarantee