FBC FUNDING Fix and Flip GAP FUNDING PROGRAMS

What is Fix and Flip Gap Funding:

FBC Funding offers fix and flip gap funding options for real estate investors. Gap funding is signature  funding that can be used for down payment and or closing costs to allow the borrower to have up 100% financing and maybe include closing costs as well. Fix and Flip Gap Funding is signature financing where the investor borrows money based on the strength of their personal credit and cash flow for term loans.

How Does Fix and Flip Gap Funding Work:

A borrower would submit an acceptable credit report within 30 days and income documentation (only necessary for the term loan option). Upon review of credit and income a preapproval is issued usually with 24 hours. Based on the preapproval for gap funding, we will issue preapproval for fix and flip funding.

On average fix and flip gap funding takes 2 to 3 weeks to fund and fix and flip funding take 3 weeks so generally we start the gap funding process before the fix and flip process so funds are available for closing.

Fix and Flip Gap Funding Options:

FBC Funding offers are 4 gap funding options: UBF, UPF, PTL, and BTL.

• UBF is Unsecured Business Funding – Usually credit cards in the business name. The business credit cards often have a zero per cent interest rate for a limited time to start. There is an unsecured business credit line for well established businesses with good net income. The unsecured business line requires a company to be in business at least 2 years.
• UPF is Unsecured Personal Funding – These are credit cards in the personal name versus the business name.
• PTL is Personal Term Loans – The personal term loans are installment loans in an investors personal name with fixed terms of up to 5 year. Unlike credit lines and credit cards that are revolving the term loans are a fixed rate for a fixed period (term) with fixed monthly payments.
• BTL is Business Term Loans – The business term loans are for up to 10 year terms based on qualifications and in the business name in business name.

How to Qualify for Fix and Flip Gap Funding:

• Credit: There is a minimum credit score of 700 for all products. The credit score is a minimum but no one qualifies solely based on credit score. The credit profile is reviewed for length of credit history, maximum credit limits, credit utilization as well as mix of credit. An investor with limited credit history, high credit utilization and minimum credit limits may not qualify regardless of credit score.
• Income: For the UBF and UPF program options there are no income questions asked. These programs are based solely on the credit profiles. For the PTL program personal income must be at least $50,000. for the BTL – business income is evaluted the last 2 to 3 years. The approval and the amount of the approval is based on the net business income (with some add backs, like depreciation). Additionally, business should show no losses in the last 2 to 3 years.
• Loan Amount: The loan amount is based on the credit profile and the income. Sometimes an investor will have a combination of programs to get the amount of money needed for fix and flip gap funding.

Steps To Qualify for Fix and Flip Gap Funding:

FBC Funding always start with a free pre approval. To be pre approved for fix and flip gap funding we need a copy of  a Tri merged (3 bureau) credit report and one months of income statements. Based on the provided information we will issue you a prequalification that will provide estimated credit limits, interest rates, loan term and costs.  Based on your acceptance of terms the fix and flip gap funding will be in your account in two to 3 weeks.

For more information call FBC Funding at 888-848-3114, email info@fbcfunding.com, or click here to schedule a free loan consultation.