WHAT ARE FIX AND FLIP LOANS?
Fix & Flip LoansFix & Flip loans are Bridge loans designed specifically to finance rehab projects. Fix & Flip loans, also known as interim financing, gap financing or swing loans, "bridge the gap" during the rehab and construction phase of a real estate project. The great thing about Fix & Flip loans is that loans are based upon the ARV (after rehab value) rather than the current appraised value. In many cases, lenders will lend up to 75% of the ARV.
HOW DO INVESTORS USE FIX AND FLIP LOANS?
Investors turn to fix and flip bridge loans when they need money to cover expenses in the interim rehab phase prior to selling or refinancing a property.
WHAT ARE INTEREST RATES ON FIX AND FLIP LOANS?
Fix and flip loan rates range from 7% for highly experienced house flippers to 10% for beginners and those who have flipped only 1 or 2 houses in their lifetime. Fix and flip loans are interest only and amortize over 30 years.
WHAT CREDIT SCORE DO I NEED TO GET A FIX AND FLIP LOAN?
Hardmonē accepts credit scores as low as 600 for fix and flip loans.
HOW DO INVESTORS USE FIX AND FLIP LOANS?
Investors turn to fix and flip bridge loans when they need money to cover expenses in the interim rehab phase prior to selling or refinancing a property.
WHAT ARE INTEREST RATES ON FIX AND FLIP LOANS?
Fix and flip loan rates range from 7% for highly experienced house flippers to 10% for beginners and those who have flipped only 1 or 2 houses in their lifetime. Fix and flip loans are interest only and amortize over 30 years.
WHAT CREDIT SCORE DO I NEED TO GET A FIX AND FLIP LOAN?
Hardmonē accepts credit scores as low as 600 for fix and flip loans.