FIX AND FLIP
That’s right! You can qualify for a fix and flip loan with no credit check and no income verification. In fact you can qualify for up to 90% of the purchase price and 100% of the renovation costs with no credit check and no verification of income.
This Program Now Requires Minimum Credit Score of 600!
Before 2008 Hard Money Lenders regularly made loans to experienced Real Estate Investors solely based on the value of the property. It was rare that a property would lose value. Since the financial market crash things have been very different. Today most rehab lenders do need to know these three things. They want to know:
- The value of the property: The “As Is Value” and The “After Rehab Value”.
- The financial profile of the Borrower: This includes income, assets and credit.
- The experience: Has the borrower, successfully purchased, rehabbed and flipped properties recently.
With adequate collateral an acceptable credit profile and substantial experience, you would think the the borrower would need to really be a conventional buyer, yet that is not true. As many hard money lenders relax some of these guidelines to invest in purchase rehab investors. Tho every hard money or private lender has it’s own guidelines, all require that their be substantial equity in the property.
Most rehab lenders require borrowers to have skin in the game as well. Those that do not, have the highest rates and the highest fees. This really is understandable because they are taking all the risk. There must be adequate reward for greater risks. That being said these can still be win win situations for the lender and the investor.
Win for the the lender because the higher rate and fees. Win for borrower who has no little or no money or credit, yet with the right property they can make a substantial financial gain.
SPECIAL REAL ESTATE INVESTOR PROGRAM
Yet, with nearly thirty years of mortgage financing experience my favorite program is fix and flip loan where there are no credit pulled, no income asked or verified and with Loan to Values up to 75% of the after rehab value while still offering competitive rates, competitive fees, and 12 month interest only terms.
This program will even consider first time investors while rewarding experience investors with lower rates and even non recourse options.
So you must ask yourself if you are a real estate investor does your lender offer all of these options???
If the answer is no we can help, if the answer is yes compare our rates, points and fees.
This program now requires minimum credit score of 600