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 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.