Fast Close Fix and Flip Loans – Program Guidelines

December 27, 2023

FBC Funding offers fast close fix and flip loans. These programs allow the borrower to close in 10 business days or less. There are a few options for fast close fix and flip loans. The first option is to have completed 5 flips in the last 2 years. The second option is full income verification with only 3 completed projects in the last 3 years. The third option requires no experience but to qualify for the no appraisal program only a minimum credit score of 720. The fourth option requires no experience yet only a minimum credit score of 660. The final program is our standard fix and flip program which normally takes 3 to 4 weeks to close, but can close in 10 business days or less if the borrower is prepared.

Here are the guidelines for each fast close fix and flip loans:

Fast Close Fix and Flip Loans – Pro Program

This program offers 12 month interest only non-Dutch (pay interest on drawn funds only) fast close fix and flip loans for very experienced investors. This program allows for no appraisal with a virtual inspection option. Maximum LTV is 90% of purchase price with 100% of rehab up to 75% ARV. No Heavy Rehab for the fast close program.

Guidelines:

Experience – 5 completed flips in last 2 years
Credit – 660 plus
Location – 26 States No Rural
$5,000,000 Credit Facility
Rates Start at 10.5%

Fast Close Fix and Flip Loans – 100% Full Doc

This programs offers 8 to 12 months interest only fast close fix and flip loans for experienced investors. This program offers a BPO option and requires full income and asset verification. This program offers 100% of purchase price and 100% of renovation costs up to 70% ARV.

Guidelines:

Experience – 3 completed flips in the last 2 years
Credit – 680+
Liquidity – Closing costs plus 6months of monthly payments plus 15% of rehab budget.
Income – 50% Debt to Income Ratio
Location 40 states
Rates start at 11%

Fast Close Fix and Flip Loans – Standard Program

Guidelines:

Experience – No Minimum Requirement
Credit – 720 plus
Location – 26 States No Rural
Rates Start at 10.5%

Fast Close Fix and Flip Loans – No Appraisal Program

This program offers 6 – 12 month interest only fast close fix and flip loans for investors. This program allows for no appraisal option. Maximum LTV is up to 85% of purchase price with up to 100% of rehab up to 70% ARV. For heavy rehab projects the maximum LTV is up to 82.5% of purchase price and up to 100% of rehab up to 65% ARV for fast close fix and flip loans.

Guidelines:

Experience – No Minimum Requirement lower rates for 3+ experience in the last 2 years.
Credit – 660 Minimum
Liquidity – closing costs plus 6 months payments and 20% of rehab budget
Location – 40 States excluding Chicago MSA, Detroit MSA and Baltimore City
Rates Start at 9.99%

Fast Close Fix and Flip Loans – Core 1

This program offers 9, 12, 18 0r 24 months interest only with the payments funded and escrowed. No Monthly Payments. This program requires an appraisal and can close in 10 to 15 business days. Maximum LTV is up to 90% of purchase price with up to 100% of rehab up to 75% ARV. Heavy rehab projects have not hit to LTV, but require higher level of experience. Very important to be pre approved and to submit the scope of work day 1 for fast close fix and flip loans.

Guidelines:

Experience – None required, Lower rate and higher LTV with 5 completed flips in last 3 years
Credit – 660 plus (620 with 5 plus completed and lower LTV)
Location – 40 States No Rural, location restrictions.
$5,000,000 Credit Facility at 5 completed flips in the last 3 years, $10,000,000 plus Credit Facility at 10.
Rates Start at 10.5%

To close any loan in 5 business days, 10 business days or even 15 business days depends heavily on the borrower. First they should be pre approved and submit prequalifying documentation before they have a property if possible. Secondly and most important is the scope of work. No valuation can be ordered without a scope of work. On fix and flip loans, 2 values are required. The first value is the as is value. The second is the as repaired value. We can not order appraisal or valuation without a detailed scope of work. Empasis on detailed. The days count when the required documents are submitted. Therefore if you are looking for a quick close either get preapprove or have documents ready to submit at day one.

Fast Close Fix and Flip Loans – Documents Needed

Not all programs require all of these documents, but it is better to have and not need than to need and not have.

Borrower:
- Loan Application – sent via DocuSign
- ID
- 2021 / 2022 Personal tax returns & W2s (100% financing only)
- Last 2 Bank Statements / Proof of Funds to close
- Track Record for experience – form attached
Property:
- Purchase Agreement – if applicable
- Scope of Work – form attached
- Insurance Agents – name, email address, phone number
- Insurance: Get a quote here https://www.rehablender.net/insurance-quote/ or here https://www.obieinsurance.com/partner/fbc-funding
- Appraisal Access Contact Person – name, email address, phone number
Corporate:
- Articles of organization
- LLC Operating Agreement / Corporation By Laws
- Form SS4 – EIN Number
- Certificate of Good Standing – when requested
Contractor:

Name, License, Liability Insurance and 3 recent completed projects including property address, date completed and estimated Scope of Work Budget.

For Fast Close Fix and Flip Loans Contact FBC Funding, LLC @ info@fbcfunding.com, or click here to schedule a free loan consultation.