RESIDENTIAL FIX AND FLIP LOANS FOR INVESTORS:

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Fix and Flip / Rental Loans / Portfolio Loans /     Ground Up Construction

BETTER PRODUCTS, BETTER PRICING, BETTER SERVICE, BETTER COMPANY

FBC Funding, LLC Better Today

FBC Funding, LLC offers more and better products, better pricing, and better service to real estate investors in 40 states. As a premier residential and commercial lender we help Real Estate Investors succeed.

FBC Funding, LLC started 11 years ago as Financing Broker Commercial Funding Corporation.

We started amid a financial crisis and out of the need to work remotely as we also worked as caregivers for our aging mothers and others. Financing Brokers Commercial Funding was founded by Louis Jeffries, who by 2010 had over 20 years’ experience as a residential and commercial mortgage banker. Three years ago on August 28, 2018, FBC Funding, LLC was officially formed adding Richard Jeffries as President and CEO and as we coordinated efforts with our other real estate funding and investment businesses, Next Generation Management & Consulting, LLC and Next Generation Development & Consulting, LLC.

FBC Funding LLC – Better Products  

As we grew through the years there were many challenges as we sought to develop the best relationships offering the best programs and products. As a Commercial Mortgage Broker there are basically 3 to 4 stages you go through in product offerings. The public does not know or understand the difference. Many mortgage brokers do not even understand the difference. Today, we are Proud Correspondent Lenders, Wholesale Lenders and Retail Mortgage Brokers. These stages represent who we are and how we can best serve our clients.

Stage one is a Retail Mortgage Broker: In essence you sale another lenders products and add your fees on top. Many lenders slightly discount their fees but not comparable to wholesale or correspondent. Many lenders only work through retail brokers. We choose this route when there are unique programs like our three 100% financing options for fix and flip investors.

Stage two is a Wholesale Lender / Broker: The broker is allowed to offer a lenders product but are given a wholesale price. Like going to the store and buying a loaf of bread, where the manufacturer sold the bread wholesale for 75 cents and the retailer sales the bread for a dollar. The consumer does not know or care what the manufacturer sells the bread for, they only care about the quality of the product and the service and the price they get it for. Quite often we offer lower prices than they offer themselves. This is because our costs and overhead is lower.

Stage three is a Correspondent Lender. As a correspondent lender, you are the lender. But you have established relationships where you will sell the loan to, either as one loan or a pool of loans. As a correspondent lender you have greater risk, but an opportunity to offer better terms.

In reality no stage is better than another for the customer. Being a retail broker affords you the opportunity to get deals done many people cannot do. If your offering is limited to only the products you have the best terms, a mortgage broker / banker would have a very limited offering and many deals would not happen period!!! Many people believe financing is only about price, but to our clients it is about solutions and profit.

Being Lender and Broker FBC FUNDING offers the best financing solutions to meet our client’s real estate funding needs. With over 40 programs and decades of experience we know how to help our clients and have Better Products to Fund their deals.

FBC FUNDING offers Better Rates – as a Correspondent Lender and Wholesale Broker we get better pricing on our core programs.

Service is a combination of knowledge, follow through, tools and communication. Thirty plus years of experience has given us the knowledge. Follow through and communication is commitment. Tools are investment. Today FBC FUNDING gives Better Service because of our Experience and Knowledge, our Commitment to Follow Through and Communicate, plus our continued Investment in Tools and People.

Today FBC FUNDING is a Better Company.

BETTER PRODUCTS, BETTER PRICING, BETTER SERVICE, BETTER COMPANY

FBC Funding is your partner to fund your residential and commercial real estate.

louisj@fbcfunding.com 888-848-3114

click here to schedule a loan consultation

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FBC Funding Partners with Real Estate Investors, helping new and experienced investors meet their short term and long term financing needs.

We are Real Estate Investors, Lenders and Mortgage Brokers ourselves. We offer many financing options for residential and multifamily investment properties including:

Fix and Flip, Rental Loans, Bridge Loans, Construction Loans, Portfolio Loans, Multifamily Loans and Home Equity Investments 

If you need Hard Money, Conventional or Alternative Financing for your residential, multifamily, mixed use or commercial properties we can help.

Programs Include:

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No Down Payment – 100% Rehab – Closing Costs Rolled Into Loan

No Cash for Down Payment!  No Cash for Rehab! No Cash for Closing Costs! No cash to the table at all. True 100% financing for fix and flip for exceptionally well qualified borrowers. 100% financing up to 70% ARV. If the purchase, rehab and closing costs are all covered at 70% of the after rehab value there is no cash to bring to closing. Rates and fees are competitive for for investor fix and flip funding. DUE TO COVID 19 PANDEMIC THESE TERMS HAVE CHANGED. The maximum ARV is 65% and the borrower must pay closing costs.

Who Qualifies for 100% Fix and Flip Loan Program

Exceptionally qualified borrowers only.

• Exceptionally qualified borrowers with minimum 680 credit score.
• Exceptionally qualified borrowers with at least 10% of the loan amount in liquid reserves.
• Exceptionally qualified borrowers with verifiable income and no more the 43% DTI
• Exceptionally qualified borrowers who own there personal residence.
• Exceptionally qualified borrowers for a full document, Loan Qualifications

Benefits of the 100% Fix and Flip Loan

• 100% of Purchase Price
• 100% of Rehab Costs
• Closing Costs rolled into the loan
• Max Loan Limited to 70% of After Rehab Value
• First Draw Shortly after closing to start renovation
• Pay interest only on funds you have used, not the full committed amount

Terms of The 100% Fix and Flip Loan

• 100% of Purchase and Rehab up to Max of 70% After Rehab Value
• 9 month Interest only loan
• Rate is Prime Plus 6.5%
• Additional Collateral Required – primary residence lien (even with no equity)
• Residential 1 – 4 non owner occupied properties
• Commitment Fee 3%
• Origination Fee 1% to 2%
• Loan amount $75,000 to $500,000
• Free Pre Approval Available for fast closings

Program Availability of The 100% Fix and Flip Loan

This program is not available in every state. Below are the states for the for availability.

• Illinois
• Chicago
• Indiana
• Ohio
• Pennsylvania
• New Jersey
• Colorado
• Florida
• Texas
• DC Metro Area
• Maryland
• Virginia
• North Carolina
• South Carolina
• Colorado
• Kansas
• Missouri
• Tennesse

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Close Fix and Flip Loan In Five Days

Experience investors can close in five business days once they are approved for the Fast and Easy Fix and Flip loan. Once approved for the program experienced real estate investors will have final terms in one business day of full submission. Once approved for the program experienced investors will have clear to close in as little as five business days.

Approval Requirements

Approval requirements are easy for experienced investors.

They are as follows:

• Four completed flips in the last 2 years (Ten for Pro Designation)
• No bankruptcy or foreclosure in last 2 years
• No Felony Convictions in last 7 years
• Liquid Assets of at least $25,000
• Minimum Credit score of 550 (660 for Pro Designation)

Once approved credit is only pulled every 6 six months, not every deal and assets are verified on once every nine months (12 months for Pro Designation).

Documents Required for Borrower Approval

• Signed credit authorization form

• Bank Statements

• Schedule of Real Estate Owned / List of Past Projects

• Entity documents

• Voided check (for ACH)

Once approved experienced investors only need have their property approved which facilitates the 5 day closing.

Documentation for Property Approval

• Property Address

• Scope of work—completed in template

• Executed purchase and sale agreement

• Requested loan amount (purchase and rehab)

• Insurance / title contact information

• Property access instructions

• Property Pictures: Exterior pictures required; Interior pictures recommended

Additional Benefits of The Fast and Easy Fix and Flip Loan

Five Day Close: Approval in 24  hours of full property submission. Clear to close in as little as five business days.

5 Million Dollar Credit Facility: Once approved experienced investors have access to as many loans as they choose up to $5,000,0000 of outstanding loans. This allows the ability to fund multiple loans simultaneously.

Option to Pay Points After Sale of Property: Pay standard origination points at closing or pay expanded points at the sale of the property. This reduces cash needed to close.

Purchases and Refinances Acceptable: We treat refinances just like a purchase as long as the property was purchased within 6 months. If you need to pay cash you can recover your money in 5 business days.

Fast and Easy Fix and Flip Loan Terms

This is a twelve month interest only bridge loan with no prepayment penalty. The rates are as low as 7.25% based on experience, loan to costs, location and property type.  The points are based on the loan size and they range from 2 points to 6 points.

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We offer many low down payment hard money rehab loan programs with as little as 10% of the purchase price as a down payment and 100% of rehab costs covered. Many Real Estate Investors prefer rehab loan financing programs with low down payments. This allows them to qualify without having to invest large sums of money whether they have it or not. We offer are many programs available with down payment as low as 10% of the purchase price. The problem for lenders is a low down payment rehab loan is a much higher risk. That is why in order to reduce that risk private lenders have underwriting guidelines that are more restrictive when compared with programs requiring a larger cash investment.

The 10 percent down rehab loan program allows experienced investors to qualify for as little as 10% down payment of the purchase price. The loan will fund 90% of the purchase price and up to 100% of the rehab costs. The funding of the rehab costs is limited. The total loan can not exceed 75% of the after rehab value. If the after rehab value is $200,000 then the maximum the loan could be is $150,000 (75% of $200,000 is $150,000).  If the purchase price is $100,000 the down payment is $10,000 (10% of $100,000 is $10,000). Then the maximum available for rehab is $60,000 ($150,000 maximum loan minus $90,000 for the purchase equal $60,000 available for rehab). Even first time real estate investors may qualify for the 10 percent down rehab loan if the have very good credit.

10 Percent Down Rehab Loan Benefits

The other guidelines beyond the down payment that are excellent  benefits of the 10 down rehab loan are as follows:

• Minimum Credit Score – 640 for 90% if you have completed 5 flips in the last 3 years,  700 if you have only completed 2 flips in the last 2 years, 720 if you have completed no flips in the last 2 years.
• Maximum Rehab – 100% up to 75% of the after repaired value with less than 5First time investors have a must have 15%to 20% of the purchase price for down payment unless their credit score is 720+ flips completed in the last 3 years. Otherwise, the maximum the maximum loan will be 70% of the ARV and rehab will be funded at 100% to the 70% of ARV.
• Reserves Requirement – three to six months of the monthly interest only payment.
• Loan must close in entity name
• Deferred Payments option available at 5 plus completed projects

The terms of this 10 percent down rehab loan include being: a twelve month interest only loan with no pre payment penalty (loan term up to 24 months available). Rates are from 10.% to 12.5% depending on loan to value, credit and the experience of the investor. Points are 2% to 4.5% depending on loan size. Minimum loan is $100,000 and the maximum loan is $2,000,000. Loans over $1,000,000 may require a larger down payment on the purchase price and up to 100% of rehab depending on experience.

Whether you are a seasoned investor or a first time investor, the 10 percent down rehab loan could be the best program for you as a real estate investor. When you compare the down payment, rate and points this may be better than the 100% financing or even a higher down payment program with lower rates or fees.

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100% Fix and Flip Guidelines

Fix and Flip

Real Estate Investor Funding

100% fix and flip guidelines for real estate investors. As a Mortgage Banker Specializing in Rehab and Fix and Flip financing FBC Funding offers many programs, including many residential fix and flip programs that offer No Money Down options for the purchase and 100% of the rehab costs for repairs. We have multiple such programs. Unfortunately, 100% purchase rehab is not available in every state and the terms vary depending on the state the property is located in. Instead of publishing all of the guidelines for all of our 100% financing programs I will publish ranges. If you meet the general criteria here, please contact us for a full pre-qualification of your project.

We offer four 100% programs with a fourth option for an unsecured term loan that turns a loan requiring down payment to 100% financing. The parameters are below. Every program is not available in every state.

100% Fix and Flip Guidelines for Purchase and Rehab

• Minimum Credit Score:   Minimum 660 preferably 700+ (620 with at least 1 completed flip in the last 2 years)
• Experience: 1 projects in the last 2 years (no experience necessary for full document loan and at least 660 credit score)
• Cash Reserves: Minimum of $30,000 for loan amount up to $250,000- or 6-months of payments plus 10% of the renovation costs.
• After Rehab Value: Maximum loan will be no greater than 65% of the after rehab value (up to 75% ARV with a 700-credit score and strong experience)
• Rates: starting at 12.5%
• Points: 3% to 5%
• Term: 8 to 12 months
• States: Alabama, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Washington DC*****New York Investors: Restrictions apply in Queens, Bronx, Brooklyn, Staten Island, or Manhattan.****  Limitations apply in certain other cities – call for details

100% Fix and Flip Guidelines for Purchase Rehab with no payments 

These 100% fix and flip guidelines are a financing program is for very experienced investors who have completed eight or more successful renovation projects in the last 5 years. The program is available in 40 states. Some closing costs are rolled into the loan, and the borrower has no monthly payment so the interest is due at the time the loan is paid off. The only money due at closing would be the lender processing and document fees, legal fees and title charges. The terms are as follows:

• Credit Score: 620+, The rate and points are based on the loan amount, credit score and experience.
• Minimum experience: 8 successfully completed projects in the last 5 years.
• Cash Reserve closing costs plus 10% of the renovation costs
• After Rehab Value: Maximum loan will be no greater than 75% of the ARV
• Rates: 8% to 14% depending on Credit Score, loan amount and experience
• Term: 6 months, 9 months or 12 months.
• States: This program is available in 40 states nationwide.

 CURRENTLY ON HOLD

100% Fix and Flip Guidelines for Purchase and Rehab with closing costs rolled in

• Minimum Credit Score:   Minimum 680 preferably 700+
• Experience: no experience necessary
• Cash Reserves: Minimum of 10% of loan request plus 6-months of payments
• After Rehab Value: Maximum loan will be no greater than 70% of the after rehab value (up to 75% ARV with a 720-credit score and strong experience)
• Rates: starting at 12.5%
• Points: 3% to 5%
• Term: 9 months
• Full Doc with income and asset verification.

• LIMITED JOINT VENTURE OPTIONS AVAILABLE / CALL TO DISCUSS YOUR PROJECT

FOR MORE INFO EMAIL LOUISJ@FBCFUNDING.COM

Call 888-848-3114

Click here to Schedule a free loan consultation

OR  GET A PREAPPROVAL HERE

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