100% Fix and Flip Loan
100% of purchase price plus 100% of rehab costs plus 100% of lender fees plus escrow of payments rolled into the 100% fix and flip loan. With a maximum loan amount not to exceed 70% of the after rehab value, we can fund 100% of purchase, rehab, fees and escrows plus give the borrower an advance on the construction draws. This is an exciting program for experienced investors with good credit, cash reserves and a recent track record of successfully buying, rehabbing and profitably exiting their loans in a timely manner.
This program has been replaced with the 90/10 100% Fix and Flip Rehab Program
The 90/ 10 100% fix and flip program is available in Chicago, IL, Washington DC, all of Illinois, Virginia, Georgia and Florida.
The Benefits the Low Doc 100% Fix and Flip Loan
There are several benefits of the Low Doc Fix and Flip Loan including:
- Low Documentation – No Income Verification we ask no income qusetions
- No Down Payment – 100% of the purchase price is covered
- No Funds for Rehab – 100% of the rehab costs are rolled into the loan
- No Cash Needed for Lender Fees- 100% of lender fees rolled into loan up to 70% ARV
- Rehab Escrow Advanced at Closing- Or within 48 hours of closing 20% of rehab budget is advanced
- Quick Closing – close within two to three weeks on first deal and one to two weeks thereafter
- Great Service – the program is designed to be flexible and provide great customer service for experienced investors with a recent track record of successful exits who want to take there game to the next level.
The Qualifications of the Low Doc 100% Fix and Flip Loan
There are several factors we look at to determine if a Real Estate Investor qualifies for the Low Doc 100% Fix and Flip Loan.
- Experience – at least two completed flips in the last 2 years. Experience is very important but we can make an exception for a borrower with great credit, great assets and a great team.
- Credit – Minimum of 650 credit score – lender will also pull a background report.
- Reserves – Borrower should have at least 6 to 12 months of mortgage payments as reserves. If there is enough equity in the project the lender will add a payment escrow to the loan.
- These are the main qualification factors specific to this loan. The loan approval is also subject to appraisal and title requirements as all mortgages are.
Loan Terms for the Low Doc 100% Fix and Flip Loan
The terms of this loan are subject to risk and experience the lender has with each borrower. Therefore, the rate and fees will be ranges versus exact figures. Also, when a borrower is very experienced they can qualify for special terms once the lender is assured they have developed an ongoing relationship. Here are standard terms:
- Rate – 12% to 14% (generally always 14% on the first 2 loans with the lender)
- Origination Points – 4 %to 6% depending on loan size and experience with lender
- Term – 6 months to 9 months (most loans are 6 month terms) Extensions are available with lender approval
- Payments – Interest only monthly payments with no prepayment penalty
Where is Low Doc 100% Fix and Flip Loan Available
This program is not available in every state yet. But the lender will fund deals in additional states not on the following lists for an experienced investor that they can develop long term relationship with to fund more loans.
Current states the program is available are:
- Washington DC
For information on this and other purchase rehab programs, long term rental programs and commercial financing call louis @ 888-407-6767 or email firstname.lastname@example.org